Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking fluctuated, the monthly spread and basis fluctuated at low levels. The high - sulfur cracking in Europe weakened, the monthly spread weakened, and the EW strengthened. The 0.5% cracking in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the VLSFO cracking in Singapore further weakened. [3] - In terms of inventory, the residual fuel oil in Singapore, high - sulfur floating storage, ARA residual fuel oil, and Fujairah residual fuel oil all increased in stock, the high - sulfur floating storage decreased in stock, and the EIA residual fuel oil decreased in stock. [3][4] - This week, the cracking of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur and diesel continued to rebound. After the Al Zour refinery shut down due to a fire on October 21, the external low - sulfur market has support, but the short - term upward space is limited. [4] - The global residual fuel oil has entered the off - season for inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market, so it is regarded as bearish. The low - sulfur valuation is low but there is currently no driving force. [4] 3. Summary of Related Data Rotterdam Fuel Oil Swap Data - From December 10 to December 16, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 4.89, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 11.93, and the price of Rotterdam HSFO - Brent M1 increased by 0.76. [1] Singapore Fuel Oil Data - **Swap Data**: From December 10 to December 16, 2025, the price of Singapore 380cst M1 decreased by 6.43, the price of Singapore 180cst M1 decreased by 2.93, and the price of Singapore VLSFO M1 decreased by 9.91. [1][7] - **Spot Data**: From December 10 to December 16, 2025, the FOB 380cst price decreased by 4.96, the FOB VLSFO price decreased by 8.09, the 380 - basis data is incomplete, the high - sulfur internal - external price difference increased by 0.4, and the low - sulfur internal - external price difference decreased by 2.3. [2] Domestic Fuel Oil Futures Data - **FU Futures**: From December 10 to December 16, 2025, the prices of FU 01, FU 05, and FU 09 decreased by 49, 43, and 45 respectively. The price difference between FU 01 - 05 decreased by 6, the price difference between FU 05 - 09 increased by 2, and the price difference between FU 09 - 01 increased by 4. [2] - **LU Futures**: From December 10 to December 16, 2025, the prices of LU 01, LU 05, and LU 09 decreased by 88, 69, and 62 respectively. The price difference between LU 01 - 05 decreased by 19, the price difference between LU 05 - 09 decreased by 7, and the price difference between LU 09 - 01 increased by 26. [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report Core View - No clear core view is presented in the given content. 3. Summary by Relevant Catalogs Glass - **Price Changes**: From Dec 9 to Dec 16, 2025, prices of 5mm glass in various regions decreased. For example, the price of 5mm glass at Shache Anquan dropped from 1044.0 to 984.0, a decrease of 60.0; FG05 contract price decreased from 1076.0 to 1038.0, a decrease of 38.0 [2]. - **Production and Sales**: Shache's glass production - sales rate was 98, Hubei's was 75, East China's was 94, and South China's was 104. Shache factories had fair production - sales, while Shache traders' low - price sales were average, and futures - spot sales were good. Hubei's factory transactions weakened [2]. - **Profit Changes**: North China's coal - fired glass profit decreased from 91.8 to 63.9, a decrease of 27.9; 05FG's spot natural gas profit decreased from - 278.3 to - 313.0, a decrease of 34.6 [2]. Soda Ash - **Price Changes**: From Dec 9 to Dec 16, 2025, prices of heavy soda ash in some regions increased. For example, Shache's heavy soda ash price increased from 1120.0 to 1140.0, an increase of 20.0; SA05 contract price decreased from 1186.0 to 1170.0, a decrease of 16.0 [2]. - **Industry Situation**: Upstream soda ash inventory accumulated, and Yuanxing's second - phase project was put into production. North China's light soda ash price increased by 50.0 [2]. - **Profit Changes**: North China's ammonia - soda ash profit increased from - 277.1 to - 250.4, an increase of 26.7; North China's combined - soda ash profit increased from - 390.5 to - 363.9, an increase of 26.5 [2].

Report Information - Report Title: Coking Coal Daily Report - Date: December 17, 2025 - Research Team: Black Team of the Research Center [1] Key Data Summary Coal Prices - **Domestic Coking Coal**: The price of Liulin Main Coking Coal is 1505.00, unchanged from the previous day and week, down 140.00 from the previous month, and down 2.90% year - on - year. The price of Anze Main Coking Coal is 1500.00, unchanged from the previous day and week, down 200.00 from the previous month, and down 3.23% year - on - year. The price of Shaheyi Meng 5 is 1360.00, down 20.00 from the previous day, down 60.00 from the previous week, down 190.00 from the previous month, and down 9.93% year - on - year. The price of Raw Coal Port Pick - up Price is 970.00, up 30.00 from the previous day, up 10.00 from the previous week, down 82.00 from the previous month, and down 1.02% year - on - year [2]. - **Imported Coking Coal**: The price of Peak Downs is 226.00, up 1.50 from the previous day, up 4.00 from the previous week, up 14.50 from the previous month, and up 15.00 year - on - year. The price of Goonyella is 227.00, up 2.00 from the previous day, up 6.00 from the previous week, up 16.50 from the previous month, and up 16.00 year - on - year [2]. Futures Prices - The price of Futures Contract 05 is 1058.50, up 5.00 from the previous day, down 24.00 from the previous week, down 184.50 from the previous month, and down 13.66% year - on - year. The price of Futures Contract 09 is 1136.50, up 8.00 from the previous day, down 24.50 from the previous week, down 178.50 from the previous month, and down 12.10% year - on - year. The price of Futures Contract 01 is 964.00, down 6.50 from the previous day, down 19.00 from the previous week, down 208.50 from the previous month, and down 15.25% year - on - year [2]. Inventory Data - **Total Inventory**: The total coking coal inventory is 3623.12, up 83.41 from the previous week, up 263.76 from the previous month, and down 14.09% year - on - year. - **Sub - inventories**: Coal mine inventory is 255.31, up 8.30 from the previous week, up 90.25 from the previous month, and down 24.13% year - on - year. Port inventory is 296.50, up 2.00 from the previous week, down 7.77 from the previous month, and down 34.68% year - on - year. Steel mill coking coal inventory is 798.27, down 3.03 from the previous week, up 10.97 from the previous month, and up 7.60% year - on - year. Coking plant coking coal inventory is 1009.20, down 1.10 from the previous week, down 60.82 from the previous month, and up 0.72% year - on - year [2]. Other Data - **Coking Capacity Utilization**: The coking capacity utilization rate is 73.16, down 0.68 from the previous week, up 1.52 from the previous month, and down 1.16% year - on - year. - **Coking Coke Inventory**: The coking coke inventory is 85.95, down 0.02 from the previous week, up 0.81 from the previous month, and down 0.60% year - on - year. - **Futures Basis and Spreads**: The 05 basis is - 55.28, down 5.00 from the previous day, down 33.47 from the previous week, down 112.05 from the previous month, and up 29.57 year - on - year. The 09 basis is - 133.28, down 8.00 from the previous day, down 32.97 from the previous week, down 118.05 from the previous month, and down 0.12 year - on - year. The 01 basis is 39.22, up 6.50 from the previous day, down 38.47 from the previous week, down 88.05 from the previous month, and up 9.75 year - on - year. The 5 - 9 spread is - 78.00, down 3.00 from the previous day, up 0.50 from the previous week, down 6.00 from the previous month, and up 0.16 year - on - year. The 9 - 1 spread is 172.50, up 14.50 from the previous day, down 5.50 from the previous week, up 30.00 from the previous month, and up 0.11 year - on - year. The 1 - 5 spread is - 94.50, down 11.50 from the previous day, up 5.00 from the previous week, down 24.00 from the previous month, and up 0.07 year - on - year [2]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - No clear core viewpoints provided in the given content 3. Summary by Related Catalogs Price and Profit - The report presents the spot prices of various types of steel products in different regions from December 10th to December 16th, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. For example, the price of Beijing rebar on December 10th was 3170, which dropped to 3100 on December 15th. The price of Tianjin hot - rolled coil increased by 40 from December 15th to December 16th [1] Basis and Spread - No relevant content found Production and Inventory - No relevant content found

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 SP Main Contract Information - The closing price of the SP main contract on December 16, 2025, was 5468.00 [4] - The closing prices and related data for previous days are also provided, showing the price trends and changes such as daily percentage changes, basis differences [4] 3.2 Pulp Import Information - Import information for different pulp brands from various origins is presented, including port - dollar prices, Shandong - region RMB prices, and import profits. For example, the import profit of Canadian Golden Lion pulp is 24.94, while that of Canadian Lion pulp is - 337.30, and the import profit of Chilean Silver Star pulp is 60.46 [5] 3.3 Pulp Price Averages - The national and Shandong - region average prices of different types of pulp (coniferous, broad - leaved, natural, and chemical mechanical pulp) from December 10 - 16, 2025, are provided, with no price changes during this period [5] 3.4 Paper Product Indexes and Profit Margins - Indexes of different paper products (cultural paper, packaging paper, and living paper) are presented, with most remaining unchanged except for a 4 - point increase in the living - paper index [5] - Estimated profit margins of different paper products are also provided, showing some positive changes from December 11 - 16, 2025 [5] 3.5 Pulp Price Spreads - Price spreads between different types of pulp (coniferous - broad - leaved, coniferous - natural, coniferous - chemical mechanical, and coniferous - waste paper) from December 10 - 16, 2025, are given, showing some fluctuations [5]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, and LME Copper are 4324.20, 62.98, 1775.00, 1558.00, and 11608.00 respectively, with changes of 8.35, -0.89, 1.00, 22.00, and -76.50 [3]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, and US Dollar to Japanese Yen are 98.22, 1.17, 1.34, and 154.73 respectively, with changes of -0.06, -0.00, 0.00, and -0.49 [3]. Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, Gold ETF, and Silver ETF are - (not provided), 890.72, 1051.68, and 16018.29 respectively, with changes of - (not provided), 32.91, 0.00, and -42.31 [4]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 1 and 2 respectively, with changes of 0.00 and 1.00 [4].

1. Report Date - The report is dated December 17, 2025 [1] 2. Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1,540.20, with no daily change, a weekly decrease of 54.61, a monthly decrease of 109.23, and a year - on - year decrease of 10.31% [2] - The latest price of Hebei quasi - first dry quenching coke is 1,790.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year increase of 7.83% [2] - The latest price of Shandong quasi - first dry quenching coke is 1,715.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year decrease of 9.74% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1,755.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year decrease of 9.54% [2] - The latest price of Inner Mongolia second - grade coke is 1,230.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 12.14% [2] 3. Production and Utilization Information - The blast furnace operating rate is 85.92, with a weekly decrease of 1.16, a monthly decrease of 2.88, and a year - on - year decrease of 1.61% [2] - The average daily hot metal yield is 229.20, with a weekly decrease of 3.10, a monthly decrease of 7.68, and a year - on - year decrease of 1.41% [2] - The coking capacity utilization rate is 72.64, with a weekly increase of 0.62, a monthly increase of 0.80, and a year - on - year decrease of 1.48% [2] - The average daily coke output is 51.60, with a weekly decrease of 0.58, a monthly decrease of 1.52, and a year - on - year decrease of 3.26% [2] 4. Inventory Information - The coking plant inventory is 50.11, with a weekly increase of 5.42, a monthly increase of 13.96, and a year - on - year increase of 10.04% [2] - The port inventory is 181.20, with a weekly decrease of 0.10, a monthly decrease of 17.60, and a year - on - year increase of 9.04% [2] - The steel mill inventory is 635.28, with a weekly increase of 10.03, a monthly increase of 12.88, and a year - on - year increase of 1.88% [2] - The steel mill inventory days are 11.66, with a weekly increase of 0.37, a monthly increase of 0.60, and a year - on - year decrease of 3.24% [2] 5. Futures Market Information - The latest price of futures contract 05 is 1,669, with a daily increase of 7.00, a weekly decrease of 37.50, a monthly decrease of 173.00, and a year - on - year decrease of 12.30% [2] - The latest price of futures contract 09 is 1,747, with a daily increase of 7.50, a weekly decrease of 35.00, a monthly decrease of 172.50, and a year - on - year decrease of 10.66% [2] - The latest price of futures contract 01 is 1,501.5, with a daily increase of 7.00, a weekly decrease of 35.50, a monthly decrease of 196.50, and a year - on - year decrease of 17.41% [2] - The 05 basis is 164.55, with a daily decrease of 7.00, a weekly decrease of 21.22, a monthly increase of 39.42, and a year - on - year increase of 43.68 [2] - The 09 basis is 86.55, with a daily decrease of 7.50, a weekly decrease of 23.72, a monthly increase of 38.92, and a year - on - year increase of 18.18 [2] - The 01 basis is 332.05, with a daily decrease of 7.00, a weekly decrease of 23.22, a monthly increase of 62.92, and a year - on - year increase of 126.18 [2] - The 5 - 9 spread is - 167.50, with no daily change, a weekly increase of 2.00, a monthly decrease of 23.50, and a year - on - year decrease of 82.50 [2] - The 9 - 1 spread is - 78.00, with a daily decrease of 0.50, a weekly decrease of 2.50, a monthly decrease of 0.50, and a year - on - year decrease of 25.50 [2] - The 1 - 5 spread is 245.50, with a daily increase of 0.50, a weekly increase of 0.50, a monthly increase of 24.00, and a year - on - year increase of 108.00 [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the report 3. Summary by Related Catalogs Price - For silicon ferroalloy on December 17, 2025, the prices of宁夏72 and 内蒙72 were 5150 and 5200 respectively, with daily changes of -50 and -20, and weekly changes of 50 and 80. The prices of different contracts on the disk also had corresponding changes [2] - For silicon manganese, the prices of different regions such as 内蒙6517, 宁夏6517, etc. had different daily and weekly changes on the same day [2] Supply - The report presents the historical production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly and weekly production, as well as the capacity utilization rate of enterprises in different regions [5] - It also shows the historical production data of silicon manganese in China from 2021 - 2025, and the procurement volume and price data of HeSteel Group [7] Demand - The report provides historical data on the demand volume of silicon manganese in China from 2021 - 2025, and also shows the production data of related products such as crude steel, stainless - steel crude steel, etc., which are related to the demand for ferroalloys [5][8] Inventory - For silicon ferroalloy, it shows the inventory data of 60 sample enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi) from 2021 - 2025, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions [6] - For silicon manganese, it presents the warehouse receipt quantity, effective forecast, inventory average available days, and inventory data of 63 sample enterprises in China from 2021 - 2025 [8] Cost and Profit - For silicon ferroalloy, it shows the electricity price data in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of raw materials such as semi - coke, and the production cost, disk profit, and spot profit in Ningxia and Inner Mongolia from 2021 - 2025 [6] - For silicon manganese, it shows the profit data of different regions (Inner Mongolia, Guangxi, North Region, South Region) from 2021 - 2025, as well as the profit of Guangxi silicon manganese converted to the main contract on the disk [8]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the near - term TA device runs stably, polyester load may reach an inflection point and TA inventory will gradually accumulate, with overall low pressure and valuation. Short - term outlook is to wait and see, while long - term attention should be paid to buying opportunities on dips due to the good PX pattern and raw material support [2] - For MEG, after the valuation is compressed, production cuts increase, the inventory accumulation rate narrows, and the profit compression space is limited. However, considering new production capacity, it is expected to fluctuate weakly [2] - For polyester staple fiber, the short - term inventory pressure is limited, but new production capacity is accelerating, and the downstream is entering the off - season. The pattern is weakening, and attention should be paid to the warehouse receipt situation [2] - For natural rubber and 20 - number rubber, with stable national explicit inventory and stable Thai cup - lump price affected by rainfall, the strategy is to wait and see [2] PTA - **Price Changes**: From December 10 to 16, 2025, crude oil dropped from $62.2 to $58.9, PTA internal - market spot price decreased from 4605 to 4590, and the polyester gross profit decreased from 27 to 8 [2] - **Device and Market Conditions**: Near - term TA device runs stably with stable start - up, polyester load drops slightly, inventory is destocked, basis strengthens slightly, and spot processing fee weakens. PX domestic start - up is stable, overseas load rises, PXN strengthens, disproportionation benefit is stable while isomerization benefit increases, and the US - Asia aromatics spread contracts [2] MEG - **Price Changes**: From December 10 to 16, 2025, MEG internal - market price dropped from 3674 to 3634, and MEG coal - to - MEG profit decreased from - 617 to - 615 [2] - **Device and Market Conditions**: Near - term domestic oil - based MEG reduces load, start - up decreases, some overseas devices reduce load, port inventory accumulates at the beginning of next week, basis weakens, and coal - to - MEG benefit continues to weaken [2] Polyester Staple Fiber - **Price Changes**: From December 10 to 16, 2025, the price of 1.4D cotton - type staple fiber remained at 6310 - 6325, and the short - fiber profit remained at 123 - 152 [2] - **Device and Market Conditions**: Near - term Hengyi Gaoxin has maintenance, start - up drops to 95.5%, production and sales are basically stable, and inventory is stable. On the demand side, the start - up of polyester yarn is stable, raw material inventory increases, and finished - product inventory accumulates, with improved benefit [2] Natural Rubber & 20 - Number Rubber - **Price Changes**: From December 10 to 16, 2025, the US - dollar Thai standard spot price increased from 1820 to 1825, and the RU main contract price decreased from 15215 to 15170 [2] - **Market Conditions**: The national explicit inventory is stable, and the Thai cup - lump price is stable affected by rainfall [2] Styrene - **Price Changes**: From December 10 to 16, 2025, the styrene (CFR China) price remained at 815 - 818, and the EPS (East - China common material) price remained at 7550 [5] - **Profit Changes**: The styrene domestic profit remained at - 94 to - 98, and the EPS domestic profit increased from 210 to 235 [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For contracts after 02, the trend mainly depends on the spot market. The key lies in the peak height and time of freight rates in January. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase. Currently, the risk - reward ratio for both shorting and going long is not high, so it is recommended to wait and see [3]. - For the 04 contract, the short - term downside space is small. Pay attention to short - selling opportunities when 04 may follow the spot market or close the basis [3]. - For far - term contracts, use a positive spread strategy. Pay attention to short - selling opportunities for the 10 contract [3]. 3. Summary by Related Catalogs Contract Market Data - **Contract Prices and Volumes**: EC2512 closed at 1631.5 with a - 1.11% change, EC2602 at 1686.8 (- 3.39%), EC2604 at 1112.7 (- 3.22%), EC2606 at 1290.0 (- 1.28%), EC2608 at 1462.4 (- 1.18%), and EC2610 at 1041.2 (- 1.20%). Trading volumes were 212 for EC2512, 27798 for EC2602, 7161 for EC2604, 279 for EC2606, 216 for EC2608, and 641 for EC2610. Open interest and its changes also varied for each contract [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 had a spread of 518.8, with a day - on - day increase of 18.7 and a week - on - week decrease of - 73.3. Different month - to - month spreads showed various trends [2]. - **Index Data**: The ટરદાર index on 2025/12/15 was 1510.56 with a 0.10% increase. SCFI (on 2025/12/12) was 1538 dollars/TEU with a 9.86% increase, CCFI was 1470.55 points with a 1.59% increase, and NCFI was 1064.13 points with a 9.98% increase [2]. European Line Spot Situation - **Week 51**: MSK opened bookings for 2400 (200 more than the previous week). MSC and OA quoted between 2600 - 2700, and PA quoted 2400 dollars. The current central price was 1760 dollars, equivalent to about 1760 points on the futures market [4]. - **Week 52**: MSK opened bookings for 2300 (100 less than the previous week), and other companies mainly followed the Week 51 quotes [4]. - **January**: MSK and MSC announced price increases to 3500 and 3700 dollars respectively [4]. - **Monday**: MSC opened bookings at 2864 dollars, equivalent to 2000 points on the futures market [4]. - **Tuesday**: MSK quoted 2700 dollars/FEU for the China - Europe route to London (2800 for 40 - foot high - cube containers) [4]. Related News - On 12/15, the White House privately rebuked Israeli Prime Minister Netanyahu for violating the Gaza cease - fire agreement. Israel killed a Hamas deputy commander in Gaza City on Saturday without informing or consulting the US [5]. - On 12/16, the Israeli Defense Forces attacked a Hezbollah member in southern Lebanon [5].