1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint of the Report - No explicit core viewpoint is presented in the provided content 3. Summary by Relevant Catalog 3.1 Basis and Calendar Spread - The Shandong basis (+80) (non - Jingbo) was -42 on 12/18, 10 on 1/13, -7 on 1/15, 30 on 1/16, and -2 on 1/19, with a daily change of -32 and a weekly change of -12 [4][12] - The East China basis (Zhenjiang warehouse) was -52 on 12/18, 30 on 1/13, 3 on 1/15, 20 on 1/16, and 8 on 1/19, with a daily change of -12 and a weekly change of -22 [4][12] - The South China basis (Foshan warehouse) was -132 on 12/18, -10 on 1/13, -37 on 1/15, -30 on 1/16, and -42 on 1/19, with a daily change of -12 and a weekly change of -32 [4][12] - The 01 - 03 spread was -29 on 12/18, -59 on 1/13, -68 on 1/15, -28 on 1/16, and -60 on 1/19, with a daily change of -2 and a weekly change of -1 [4][12] - The 02 - 03 spread was -17 on 12/18, -14 on 1/13, -21 on 1/15, -19 on 1/16, and -18 on 1/19, with a daily change of 1 and a weekly change of -4 [4][12] - The 03 - 06 spread was -20 on 12/18, -15 on 1/13, -7 on 1/15, -17 on 1/16, and -16 on 1/19, with a daily change of 7 and a weekly change of -1 [4][12] 3.2 BU Main Contract (02) - The price of the BU main contract (02) was 2952 on 12/18, 3140 on 1/13, 3167 on 1/15, 3130 on 1/16, and 3142 on 1/19, with a daily change of 12 and a weekly change of 2 [4][12] - The trading volume was 612865 on 12/18, 409443 on 1/13, 240295 on 1/15, 204852 on 1/16, and 184869 on 1/19, with a daily change of -19983 and a weekly change of -224574 [4][12] - The open interest was 472355 on 12/18, 434852 on 1/13, 427132 on 1/15, 416491 on 1/16, and 414788 on 1/19, with a daily change of -1703 and a weekly change of -20064 [4][12] - The contract value was 4180 on 12/18, 15840 on 1/13, 16910 on 1/15, 16110 on 1/16, and 16110 on 1/19, with a daily change of 0 and a weekly change of 270 [4][12] 3.3 Crude Oil and Asphalt Prices - Brent crude oil was priced at 59.8 on 12/18, 63.9 on 1/13, 66.5 on 1/15, 63.8 on 1/16, and 64.1 on 1/19, with a daily change of 0.4 and a weekly change of 0.3 [4][12] - The price of Jingbo asphalt was 2950 on 12/18, 3110 on 1/13, 3130 on 1/15, 3110 on 1/16, and 3100 on 1/19, with a daily change of -10 and a weekly change of -10 [4][12] - The price of Shandong (non - Jingbo) asphalt was 2830 on 12/18, 3070 on 1/13, 3080 on 1/15, 3080 on 1/16, and 3060 on 1/19, with a daily change of -20 and a weekly change of -10 [4][12] - The price of Zhenjiang warehouse asphalt was 2900 on 12/18, 3170 on 1/13, 3170 on 1/15, 3150 on 1/16, and 3150 on 1/19, with a daily change of 0 and a weekly change of -20 [4][12] - The price of Foshan warehouse asphalt was 2820 on 12/18, 3130 on 1/13, 3130 on 1/15, 3100 on 1/16, and 3100 on 1/19, with a daily change of 0 and a weekly change of -30 [4][12] 3.4 Profit - The asphalt Ma Rui profit was 399 on 12/18, 384 on 1/13, 280 on 1/15, and then unavailable data from 1/16 onwards [4][12]

Report Overview - The report is a pulp morning report released by the Research Center's Energy and Chemicals Team on January 20, 2026 [2] SP Main Contract Information - The closing price of the SP main contract on January 19, 2026, was 5362.00. The closing prices on January 16, 15, 14, and 13 were 5362.00, 5436.00, 5494.00, and 5492.00 respectively. The corresponding dollar prices were 672.52, 672.00, 681.32, 688.33, and 687.77. The daily changes were 0.00000%, -1.36130%, -1.05570%, 0.03642%, and 0.03643% respectively. The Shandong Yinxing basis was 48, 48, 79, 56, and 58, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 48, 48, 74, 66, and 68 [3] Import Profit Information - With a 13% VAT calculation, the Canadian Golden Lion (CFR) had a port dollar price of 780, a Shandong region RMB price of 6300, and an import profit of 95.46. The Canadian Lion (CFR) had a port dollar price of 730, a Shandong region RMB price of 5365, and an import profit of -401.30. The Chilean Yinxing (CFR letter of credit 90 days) had a port dollar price of 700, a Shandong region RMB price of 5410, and an import profit of -165.36 [4] Pulp and Paper Price Information - From January 13 to January 19, 2026, the national average prices of softwood pulp, hardwood pulp, unbleached pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged. The cultural paper (double-offset index, double-copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged. The profit margins of double-offset paper, double-copper paper, white card paper, and living paper changed to -4.5583%, 5.9250%, -9.2032%, and 6.2044% respectively, with the living paper profit margin increasing by 0.1437 [5] Price Difference Information - On January 19, 2026, the price differences between softwood and hardwood pulp, softwood and unbleached pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper were 730.00, 10, 1535, and 3834 respectively [5]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: January 20, 2026 [1] Key Points Coal Prices - The latest price of Liulin Main Coking Coal is 1,426.00, with no daily change, a weekly decrease of 29.00, a monthly decrease of 74.00, and an annual increase of 5.63% [2] - The latest price of Raw Coal Port Delivery Price is 1,045.00, a daily decrease of 20.00, a weekly decrease of 24.00, a monthly increase of 62.00, and an annual increase of 14.21% [2] - The latest price of Shaheyi Meng 5 is 1,340.00, with no daily or weekly change, a monthly decrease of 20.00, and an annual decrease of 1.47% [2] - The latest price of Anze Main Coking Coal is 1,620.00, with no daily change, a weekly increase of 120.00, a monthly increase of 20.00, and an annual increase of 15.71% [2] Inventory - The total inventory is 4,087.59, with a weekly increase of 35.02, a monthly increase of 153.49, and an annual decrease of 16.71% [2] - The coal mine inventory is 272.37, a weekly decrease of 22.64, a monthly decrease of 0.40, and an annual decrease of 33.78% [2] - The port inventory is 299.80, a weekly decrease of 1.50, a monthly decrease of 7.70, and an annual decrease of 36.89% [2] - The steel mill coking coal inventory is 797.73, a weekly decrease of 4.54, a monthly increase of 3.08, and an annual decrease of 2.04% [2] - The coking coking coal inventory is 1,071.68, a weekly increase of 19.18, a monthly increase of 34.38, and an annual decrease of 0.17% [2] Other Indicators - The coking capacity utilization rate is 72.55, a weekly decrease of 0.14, a monthly increase of 0.50, and an annual decrease of 1.17% [2] - The coking coke inventory is 85.38, a weekly decrease of 0.29, a monthly decrease of 0.35, and an annual decrease of 0.64% [2] Futures Market - The latest price of Futures Contract 05 is 1,177.00, a daily decrease of 7.00, a weekly decrease of 38.00, a monthly increase of 69.00, and an annual increase of 2.53% [2] - The latest price of Futures Contract 09 is 1,258.50, a daily decrease of 6.00, a weekly decrease of 30.00, a monthly increase of 75.00, and an annual increase of 3.41% [2] - The latest price of Futures Contract 01 is 1,425.00, a daily increase of 321.50, a weekly increase of 280.50, a monthly increase of 419.50, and an annual increase of 17.48% [2] - The 05 basis is -42.75, a daily increase of 7.00, a weekly increase of 80.53, a monthly increase of 62.03, and an annual increase of 21.57% [2] - The 09 basis is -124.25, a daily increase of 6.00, a weekly increase of 72.53, a monthly increase of 56.03, and an annual decrease of 0.07% [2] - The 01 basis is -290.75, a daily decrease of 321.50, a weekly decrease of 237.97, a monthly decrease of 288.47, and an annual increase of 1.25% [2] - The 5 - 9 spread is -81.50, a daily decrease of 1.00, a weekly decrease of 8.00, a monthly decrease of 6.00, and an annual increase of 0.18% [2] - The 9 - 1 spread is -166.50, a daily decrease of 327.50, a weekly decrease of 310.50, a monthly decrease of 344.50, and an annual decrease of 42.63% [2] - The 1 - 5 spread is 248.00, a daily increase of 328.50, a weekly increase of 318.50, a monthly increase of 350.50, and an annual increase of 2.82% [2]

焦炭日报 研究中心黑色团队 2026/1/20 | | 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 | 1430.97 | 0.00 | 0.00 | -109.23 | -11.18% 高炉开工率 | 85.48 | | -0.56 | 0.55 | 1.47% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 7.69% 铁水日均产量 | 228.01 | | -1.49 | 1.46 | 1.57% | | 山东准一干熄 | 1625.00 | 0.00 | 0.00 | -90.00 | -9.22% 盘面05 | 1735 | -4.00 | -26.00 | 71.00 | -1.81% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -10.11% 盘面09 | 1809 | -4.50 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - This week, oil prices fluctuated at high levels due to geopolitical events. Although Trump's stance has become more rational, the risk of military intervention cannot be completely ruled out. Fundamentally, global on - land oil inventories are accumulating in the off - season, while the total waterborne inventory has decreased month - on - month but is higher year - on - year. The North Sea market has tightened recently, and the Dubai market is loose, with the WTI and Brent markets decoupled. In terms of refinery profits, the sharp rise in European natural gas has strengthened the cracking of European diesel, and the overall profits of European and American refineries are under downward pressure due to the rising crude oil prices. In the short term, attention should be paid to the geopolitical situation, and the absolute price center in the first quarter will remain high [5]. Group 3: Summary by Directory 1. Daily News - Ukraine's DTEK power company reported that its energy facilities in Odessa were "severely" damaged in a Russian night attack [3]. - International oil prices fell as the risk of supply disruption decreased. As of 21:58 Beijing time on January 19, the March Brent crude oil futures contract dropped $0.37 or 0.58% to $63.76 per barrel, and the US crude oil futures contract fell $0.28 or 0.47% to $59.16 per barrel. The market is also concerned about the tariff threat from Greenland and the potential trade war between the US and Europe, as well as the risk of damage to Russian infrastructure and distillate supply due to cold weather [4]. - Russia's seaborne oil product exports in December increased by 17% compared to November. Angola's crude oil exports in March are expected to be 1.09 million barrels per day. Oil exports through the Caspian Pipeline Consortium (CPC) in December decreased from 5.09 million tons in November to 3.98 million tons. The restart of the No. 6 unit of Japan's Kashiwazaki - Kariwa Nuclear Power Station may be postponed due to a malfunction in the control rod extraction prevention function [4][5]. 2. Inventory - According to the EIA report, in the week ending January 9, US crude oil exports increased by 43,000 barrels per day to 4.306 million barrels per day, domestic crude oil production decreased by 58,000 barrels to 13.753 million barrels per day, commercial crude oil inventories excluding strategic reserves increased by 3.391 million barrels to 422 million barrels (a 0.81% increase), the four - week average supply of US petroleum products was 19.98 million barrels per day (a 1.14% decrease year - on - year), strategic petroleum reserve (SPR) inventories increased by 214,000 barrels to 413.7 million barrels (a 0.05% increase), and commercial crude oil imports excluding strategic reserves were 7.092 million barrels per day, an increase of 753,000 barrels per day from the previous week [5]. - US EIA gasoline inventories for the week ending January 9 were 8.977 million barrels, higher than the expected 3.565 million barrels and the previous value of 7.702 million barrels. EIA distillate inventories were - 29,000 barrels, lower than the expected 512,000 barrels and the previous value of 5.594 million barrels [5]. 3. Weekly Viewpoints - Oil prices fluctuated at high levels due to geopolitical events this week. Although Trump's attitude has become more rational, the risk of military intervention cannot be fully excluded. Fundamentally, global on - land oil inventories are accumulating in the off - season, the overall waterborne inventory has decreased month - on - month but is higher year - on - year. The North Sea market has tightened recently, and the Dubai market is loose, with the WTI and Brent markets decoupled. In terms of refinery profits, the sharp rise in European natural gas has strengthened the cracking of European diesel, and the overall profits of European and American refineries are under downward pressure due to the rising crude oil prices. In the short term, attention should be paid to the geopolitical situation, and the absolute price center in the first quarter will remain high [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Directory Price - Silico - manganese: The closing price of the main contract, basis (in Jiangsu and Inner Mongolia), north - south price difference, and price differences between different grades and months are presented, along with prices of related raw materials like chemical coke and manganese ores [6]. - Ferrosilicon: Spot prices in different regions (Ningxia, Inner Mongolia, etc.), export prices, and basis and price differences between different contracts are shown [1]. - The market prices of ferrosilicon in different regions from 2022 - 2026 are presented, including Inner Mongolia, Qinghai, Ningxia, etc., as well as export and import average prices [2]. Supply - Ferrosilicon: The monthly and weekly production of 136 ferrosilicon enterprises in China, and the monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are provided [4]. - Silico - manganese: The weekly production in China, procurement prices and quantities of Hebei Iron and Steel Group are presented [6]. Demand - Ferrosilicon: The demand is related to the production of products such as crude steel, stainless steel, and metal magnesium. The production forecasts and actual production of these products from 2022 - 2026 are provided [4]. - Silico - manganese: The demand in China (in ten thousand tons), export quantity, and its relationship with crude steel production are presented [7]. Inventory - Ferrosilicon: The inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions are provided [5]. - Silico - manganese: The warehouse receipt quantity, effective forecast, inventory + effective inventory, and the inventory of 63 sample enterprises in China are presented [7]. Cost and Profit - Ferrosilicon: The production costs in Ningxia and Inner Mongolia, and the profits from converting to the main contract and spot profits are presented, along with the export profit of 75 - grade ferrosilicon [5]. - Silico - manganese: The profits in Inner Mongolia, Guangxi, the northern and southern regions, and the profit from converting Guangxi silico - manganese to the main contract are presented [7].

有色早报 研究中心有色团队 2026/01/20 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/01/13 -140 6915 180543 122127 -1586.67 -449.18 40.0 43.0 90.23 141550 51825 2026/01/14 -115 8167 180543 149339 -1395.64 -166.54 38.0 41.0 44.29 141625 51000 2026/01/15 -75 6157 180543 162717 -1800.78 -144.30 38.0 41.0 37.60 141125 50100 2026/01/16 -355 6005 213515 160417 -1695.41 -130.54 32.0 36.0 61.52 143575 49575 2026/01/19 -340 5424 213515 152655 -1653.61 29.24 28.0 27.0 67.55 ...

Price Performance - London Gold's latest price is 4666.85, with a change of 55.80 [1] - London Silver's latest price is 93.01, with a change of 2.21 [1] - London Platinum's latest price is 2301.00, with a change of -85.00 [1] - London Palladium's latest price is 1755.00, with a change of -51.00 [1] - WTI Crude's latest price is 59.44, with no change [1] - LME Copper's latest price is 12891.50, with a change of 43.00 [1] - The latest value of the US Dollar Index is 99.04, with a change of -0.33 [1] - The latest exchange rate of Euro to US Dollar is 1.16, with no change [1] - The latest exchange rate of British Pound to US Dollar is 1.34, with no change [1] - The latest exchange rate of US Dollar to Japanese Yen is 158.13, with a change of 0.06 [1] - The latest yield of US 10 - year TIPS is 1.91, with no change [1] Trading Data - COMEX Silver inventory is 13348.26, with no change [1][11] - SHFE Silver inventory is 617.76, with a change of -9.08 [1][11] - Gold ETF持仓 is 1085.67, with no change [1][11] - Silver ETF持仓 is 16073.06, with no change [1][11] - SGE Silver inventory is 773.63, with no change [1][11] - SGE Gold deferred fee payment direction is 1 [1] - SGE Silver deferred fee payment direction is 2 [1]

Report Title - The report is titled "Asphalt Morning Report" [2] Report Industry Investment Rating - Not provided in the given content Report's Core View - Not explicitly stated in the provided content Summary by Relevant Catalogs 1. Basis and Spread - The Shandong basis (+80, non-Jingbo) was -42 on 12/18, 10 on 1/13, -7 on 1/15, 30 on 1/16, -2 on 1/19, with a daily change of -32 [3] - The East China basis (Zhenjiang warehouse) was -52 on 12/18, 30 on 1/13, 3 on 1/15, 20 on 1/16, 8 on 1/19, with a daily change of -12 [3] - The South China basis (Foshan warehouse) was -132 on 12/18, -10 on 1/13, -37 on 1/15, -30 on 1/16, -42 on 1/19, with a daily change of -12 [3] - The 01 - 03 spread was -29 on 12/18, -20 on 1/13, -68 on 1/15, -28 on 1/16, -60 on 1/19, with a daily change of -2 [3] - The 02 - 03 spread was -17 on 12/18, -14 on 1/13, -21 on 1/15, -19 on 1/16, -18 on 1/19, with a daily change of 1 [3] - The 03 - 06 spread was -20 on 12/18, -12 on 1/13, -7 on 1/15, -17 on 1/16, -16 on 1/19, with a daily change of 1 [3] 2. Futures Contract Information - The BU main contract (02) was 2952 on 12/18, 3140 on 1/13, 3167 on 1/15, 3130 on 1/16, 3142 on 1/19, with a daily change of 12 [3] - The trading volume was 612,865 on 12/18, 409,443 on 1/13, 240,295 on 1/15, 204,852 on 1/16, 184,869 on 1/19, with a daily change of -19,983 (-22%) [3] - The open interest was 472,355 on 12/18, 434,852 on 1/13, 427,132 on 1/15, 416,491 on 1/16, 414,788 on 1/19, with a daily change of -1,703 (-2%) [3] - The warehouse receipts were 4,180 on 12/18, 15,840 on 1/13, 16,910 on 1/15, 16,110 on 1/16, 16,110 on 1/19, with a daily change of 0 [3] 3. Crude Oil and Spot Prices - Brent crude oil was 59.8 on 12/18, 63.9 on 1/13, 66.5 on 1/15, 63.8 on 1/16, 64.1 on 1/19, with a daily change of 0.4 [3] - The price of Jingbo was 2,950 on 12/18, 3,110 on 1/13, 3,130 on 1/15, 3,110 on 1/16, 3,100 on 1/19, with a daily change of -10 [3] - The price of Shandong (non-Jingbo) was 2,830 on 12/18, 3,070 on 1/13, 3,080 on 1/15, 3,080 on 1/16, 3,060 on 1/19, with a daily change of -20 [3] - The price of Zhenjiang warehouse was 2,900 on 12/18, 3,170 on 1/13, 3,170 on 1/15, 3,150 on 1/16, 3,150 on 1/19, with a daily change of 0 [3] - The price of Foshan warehouse was 2,820 on 12/18, 3,130 on 1/13, 3,130 on 1/15, 3,100 on 1/16, 3,100 on 1/19, with a daily change of 0 [3] 4. Profit - The asphalt - Marrow profit was 399 on 12/18, 384 on 1/13, 280 on 1/15, and data was not available later [3]

Report Industry Investment Ratings - No relevant content found Core Views - For methanol, with the ongoing fermentation of the Iran conflict, MTO shows resistance. Some plants are shutting down or planning production cuts, waiting to restart after the situation in Iran stabilizes. Methanol has difficulty moving up or down, and the MTO profit caps the upside. Unless other downstream products increase in price, a bearish view or selling call options is more appropriate [1]. - For plastics, the market shows a volatile trend in the futures, stable spot prices, and weak basis. The supply of standard products is increasing, and the 05 PE supply is expected to be moderately pressured [2]. - For PP, the market is stable in the futures, with a weak basis. The import and export profits are negative, and the export volume has slightly declined. The supply is expected to be moderately pressured in the 05 and subsequent periods [3]. - For PVC, the basis is improving, and the trading volume is average this week. The overall inventory is moderately high, and the comprehensive profit is low. In the short - term, the seasonal production resumes, and the long - term outlook is poor due to weak real - estate demand [5]. Summary by Product Methanol - **Price Data**: The price of动力煤期货remains unchanged at 801, and the西北 - folded price has a daily change of -25 [1]. - **Industry Situation**: Iran's conflict continues to ferment. Some MTO plants are shutting down or reducing production, waiting for the normal situation in Iran to restart. The MTO profit restricts the upward movement of methanol prices [1]. Plastics - **Price Data**: The price of东北亚乙烯has a daily change of -30, and the主力 futures price has a daily change of -28. The two - oil inventory and the number of warehouse receipts are decreasing [2]. - **Industry Situation**: The futures market is volatile, the spot market is stable, and the basis is weak. The oil - based and coal - based profits are deteriorating, and the social inventory is increasing [2]. PP - **Price Data**: The price of山东丙烯remains unchanged, and the主力 futures price has a daily change of -14. The basis is stable [3]. - **Industry Situation**: The futures market is stable, the basis is weak, and the import and export profits are negative. The supply is temporarily stable in January, and the inventory is moderately high [3]. PVC - **Price Data**: The price of西北电石remains unchanged, and the主力 futures price has a daily change of -30. The basis has a daily change of +30 [5]. - **Industry Situation**: The basis is improving, the trading volume is average, and the overall inventory is moderately high. The comprehensive profit is low, and the long - term outlook is poor due to weak real - estate demand [5].