芳烃橡胶早报 P T A 研究中心能化团队 2025/09/03 | POY 1 | 石脑油 | PX CFR | PTA内盘现 | 石脑油裂 | PTA加 | PTA平衡 | PTA负 | 仓单+有 | 日期 | 原油 | 50D/4 | PX加工差 | 聚酯毛利 | TA基差 产销 | 日本 | 台湾 | 货 | 解价差 | 工差 | 负荷 | 荷 | 效预报 | 8F | 2025/0 | 68.1 | 590 | 854 | 4835 | 6885 | 91.57 | 264.0 | 189 | 76 | 79.3 | 70.4 | 30940 | -15 | 0.30 | 8/27 | 2025/0 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Group 1: Report Information - Report Title: Asphalt Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: September 3, 2025 [3] Group 2: Futures Contract Data - **Prices**: On September 2, BU主力合约 was at 3551, up 11 from the previous day and 39 from the previous week; BU06 was at 3457, up 27 daily and 85 weekly; BU09 was at 3543, down 4 daily and 2 weekly; BU12 was at 3492, up 26 daily and 60 weekly; BU03 was at 3468, up 38 daily and 74 weekly [4] - **Volume and Open Interest**: On September 2, the trading volume was 349,892, up 12,718 from the previous day and 92,337 from the previous week; the open interest was 491,894, up 35,556 daily and 80,407 weekly [4] - **Combined Positions**: On September 2, the combined positions were 29,790, unchanged from the previous day and down 1,150 from the previous week [4] Group 3: Spot Market Data - **Market Prices**: On September 2, the Shandong market price was 3,540, up 30 from the previous day and 20 from the previous week; the East China market price was 3,700, up 10 daily and 50 weekly; the South China market price was 3,530, up 10 daily and 50 weekly; the North China market price was 3,650, up 10 daily and unchanged weekly; the Northeast market price was 3,870, unchanged daily and down 10 weekly [4] - **Enterprise Prices**: On September 2, Jingbo (Haiyun) was at 3,670, up 10 from the previous day and down 10 from the previous week; Xinhai (Xin Bohai) was at 3,650, up 10 daily and unchanged weekly [4] - **Regional Price Differences**: On September 2, Shandong - East China was -160, up 30 from the previous day and 40 from the previous week; Shandong - Northeast was -330, up 30 daily and 30 weekly; East China - South China was 170, down 10 daily and 70 weekly [4] Group 4: Basis and Calendar Spread Data - **Basis**: On September 2, the Shandong basis was -11, up 19 from the previous day and down 19 from the previous week; the East China basis was 149, down 11 daily and 20 weekly; the South China basis was -21, down 1 daily and up 11 weekly [4] - **Calendar Spreads**: On September 2, 03 - 06 was 11, up 11 from the previous day and down 11 from the previous week; 06 - 09 was -86, up 31 daily and 87 weekly; 09 - 12 was 51, down 30 daily and 62 weekly; 12 - 03 was 24, down 12 daily and 14 weekly; the first - second contract spread was 8, down 10 daily and 21 weekly [4] Group 5: Crack Spread and Profit Data - **Crack Spreads**: On September 2, the asphalt - Brent crack spread was -8, up 28 from the previous day and down 11 from the previous week [4] - **Profits**: On September 2, the asphalt - Ma Rui profit was -75, up 25 from the previous day and down 11 from the previous week; the ordinary refinery's comprehensive profit was 361, up 21 daily and down 55 weekly; the Ma Rui - type refinery's comprehensive profit was 656, up 25 daily and down 34 weekly; the import profit (South Korea - East China) was -52, up 75 daily and 74 weekly; the import profit (Singapore - South China) was -919, up 86 daily and 141 weekly [4] Group 6: Related Price Data - **Crude Oil**: On September 2, Brent crude oil was at 68.2, unchanged from the previous day and up 0.9 from the previous week [4] - **Refined Products**: On September 2, the Shandong market price of gasoline was 7,525, up 8 from the previous day and down 93 from the previous week; the Shandong market price of diesel was 6,441, up 52 daily and down 35 weekly; the Shandong market price of residual oil was 3,252, down 25 daily and 110 weekly [4]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst oscillated strongly, the near-month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on delivery warehouses, FU10 rose sharply and then fell. The low-sulfur cracking weakened, the spread oscillated, the LU internal and external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [3]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's residue began to accumulate. The global supply and demand of high-sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provided support, and the EW spread was still recovering. The domestic high-sulfur spot was still in excess supply, so beware of overheating sentiment. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, which provides some support for the valuation of Asian fuel oil. This week, LU remained oscillating, and the basis of the external MF0.5 began to rebound. One can pay attention to the opportunity of the low-sulfur - high-sulfur spread widening in the fourth quarter [4]. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 27 to September 2, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed from 381.95 to 388.30, with a change of 0.19; the price of Rotterdam 0.5% VLS FO swap M1 changed from 454.66 to 457.64, with a change of 1.27; the Rotterdam HSFO - Brent M1 changed from -6.75 to -7.42, with a change of -1.02; etc. [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed from 394.03 to 400.25, with a change of 2.23; the price of Singapore 180cst M1 changed from 406.97 to 412.56, with a change of 0.48; the price of Singapore VLSFO M1 changed from 482.43 to 488.34, with a change of 5.97 [1]. Singapore Fuel Oil Spot Data - From August 27 to September 2, 2025, the FOB 380cst price changed from 395.34 to 402.43, with a change of 4.54; the FOB VLSFO price changed from 485.57 to 492.24, with a change of 6.79; the 380 basis changed from 1.50 to -0.05, with a change of 0.35 [2]. Domestic FU Data - During the same period, the price of FU 01 changed from 2790 to 2847, with a change of 23; the price of FU 05 changed from 2748 to 2807, with a change of 25; the price of FU 09 changed from 2763 to 2750, with a change of 13 [2]. Domestic LU Data - From August 27 to September 2, 2025, the price of LU 01 changed from 3444 to 3509, with a change of 58; the price of LU 05 changed from 3408 to 3458, with a change of 60; the price of LU 09 changed from 3418 to 3428, with a change of 54 [3].

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价格 2025/9/3 仓单 现货 盘面 铁合金早报 | 品种 | 项目 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5200 | 0 | -150 | 5500 | 主力合约 | 5528 | -4 | -128 | | | 内蒙#72 | 5250 | 0 | -100 | 5600 | 01合约 | 5488 | -8 | -148 | | 产区汇总价 | 青海#72 | 5250 | 50 | -100 | 5580 | 05合约 | 5622 | 2 | -142 | | | 陕西#72 | 5200 | 0 | -150 | 5500 | 09合约 | 5352 | 16 | -118 | | | 陕西#75 | 5950 | 50 | 50 | | 主力月基差 | -28 | 4 | -22 | | 硅铁合格块 | 江苏#72 | 5450 | ...

Report Overview - The report is the Yong'an Synthetic Rubber Morning Report, released by the Research Center's Energy and Chemicals Team on September 3, 2025 [2][3] 1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - No clear core view presented in the given content 3. Summary by Related Catalogs 3.1 BR Main Contract Overview - The closing price of the main contract on September 2 was 11,820, a daily decrease of 75 and a weekly decrease of 25 [3][4] - The open interest of the main contract on September 2 was 31,283, a daily decrease of 1,887 and a weekly decrease of 11,837 [3][4] - The trading volume of the main contract on September 2 was 103,125, a daily decrease of 9,988 and a weekly decrease of 9,322 [3][4] 3.2 Price and Basis - The Shandong market price of BR on September 2 was 11,900, unchanged daily and down 50 weekly [4] - The Chuanhua market price of BR on September 2 was 11,800, unchanged daily and down 50 weekly [4] - The Qilu ex - factory price of BR remained at 12,100 from August 26 to September 2 [4] - The basis of BR (Shun Ding) on September 2 was 80, a daily increase of 75 and a weekly decrease of 25 [4] 3.3 Processing and Import/Export - The spot processing profit of BR on September 2 was - 67, a daily decrease of 26 and a weekly decrease of 76 [4] - The on - screen processing profit of BR on September 2 was - 147, a daily decrease of 101 and a weekly decrease of 51 [4] - The import profit of BR on September 2 was - 86,106, unchanged daily and an increase of 294 weekly [4] - The export profit of BR on September 2 was - 306, unchanged daily and an increase of 187 weekly [4] 3.4 BD (Butadiene) - The Shandong market price of BD on September 2 was 9,575, an increase of 25 compared to August 1 [4] - The Jiangsu market price of BD on September 2 was 9,375, a decrease of 125 compared to August 1 [4] - The Yangzi ex - factory price of BD remained at 9,500 from August 26 to September 2 [4] - The carbon four extraction profit of BD on September 1 was 2,208 [4] - The butene oxidative dehydrogenation profit of BD on September 2 was 211, a decrease of 195 compared to August 1 [4] - The import profit of BD on September 2 was 402, an increase of 187 compared to August 26 [4] - The export profit of BD on September 2 was - 997, a decrease of 22 compared to August 29 [4] 3.5 Downstream Profits - The production profit of styrene - butadiene rubber (SBR) on September 2 was 1,138, unchanged daily and an increase of 75 weekly [4] - The production profit of SBS (791 - H) on September 2 was 1,090, unchanged daily and a decrease of 110 weekly [4] - The production profit of ABS on August 29 was 33 [4] 3.6 Price Spreads - The spread between Thai mixed rubber and Shun Ding on September 2 was 2,980, an increase of 60 daily and 130 weekly [4] - The spread between 3L and SBR on September 2 was 2,650, unchanged daily and an increase of 50 weekly [4] - The spread between standard and non - standard Shun Ding remained at 250 from August 26 to September 2 [4] - The spread between SBR 1502 and 1712 on September 2 was 1,050, unchanged daily and an increase of 100 weekly [4]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - PG main contract oscillated weakly. The cheapest deliverable was East China civil LPG at 4481. The basis first weakened and then strengthened to 70 (+59). The 9 - 10 spread was -721 (-212), and the 10 - 11 spread was 87 (+7). The registered warrant volume was 13207 lots (+320) [1]. - The 9 - month CP official price remained stable, with propane and butane at 520/490. FEI and CP monthly spreads oscillated, MB monthly spread strengthened, and the oil - gas ratio changed little. The internal - external spread oscillated, PG - CP reached 106, PG - FEI reached 85. FEI - CP reached 21.5 (+4.5), and the US - Asia arbitrage window oscillated and closed [1]. - Fundamentally, port inventories decreased, refinery commercial volume increased by 2.47%, and refinery inventories increased but were overall controllable. PDH operating rate was 73.02% (-2.64pct), Wanhua Phase II was under maintenance, and Quanzhou Guoheng restarted at the end of the week. Next week, Quanzhou Guoheng is expected to increase its load, and Hebei Haiwei plans to stop production. The alkylation operating rate was 48.42% (+0.74). The MTBE operating rate was 63.54% (+0). The combustion off - season is approaching its end, but demand remains weak [1]. 3) Summary by Relevant Data Daily Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South | Propane CIF Japan | MB Propane Spot | CP Forecast Contract Price | Shandong Ether - after Carbon Four | Shandong Alkylated Oil | Paper Import Profit | Main Contract Basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/08/27 | 4610 | 4405 | 4540 | 568 | 538 | 70 | 516 | 4960 | 7820 | -62 | 97 | | 2025/08/28 | 4620 | 4476 | 4540 | 574 | 536 | 70 | 516 | 4970 | 7820 | -86 | 167 | | 2025/08/29 | 4620 | 4481 | 4540 | 580 | 541 | 69 | 515 | 4990 | 7820 | -133 | 170 | | 2025/09/01 | 4580 | 4486 | 4540 | 583 | 545 | - | 531 | 4900 | 7770 | -201 | 188 | | 2025/09/02 | 4540 | 4486 | 4560 | 590 | 554 | 72 | - | 4890 | 7790 | -297 | 119 | | Daily Change | -40 | 0 | 20 | 7 | 9 | - | - | -10 | 20 | -96 | -69 | - On Monday, the cheapest deliverable was East China civil LPG at 4486. PG futures weakened, and the 10 - 11 spread was 84 (-3). The US - to - Far East arbitrage window was closed. FEI and CP oscillated, PP oscillated weakly, and the paper profit of PP made from FEI and CP strengthened slightly. The CP production cost was lower than that of FEI [1]. Weekly Data - The combustion off - season is approaching its end, but demand remains weak. East China is the cheapest delivery area, with expected tight supply, improved demand, and increased import costs, showing an overall stable - to - rising trend [1]. - The PG main contract oscillated weakly. The cheapest deliverable was East China civil LPG at 4481. The basis first weakened and then strengthened to 70 (+59). The 9 - 10 spread was -721 (-212), and the 10 - 11 spread was 87 (+7). The registered warrant volume was 13207 lots (+320), with changes in different companies' positions. The 9 - month CP official price remained stable, with propane and butane at 520/490 [1]. - FEI, CP monthly spreads oscillated, MB monthly spread strengthened, and the oil - gas ratio changed little. The internal - external spread oscillated, and the US - Asia arbitrage window oscillated and closed. Freight rates remained flat, the waiting time at the Panama Canal decreased, but the auction fee remained high. The FEI - MOPJ spread widened to -56 (-10), and the naphtha crack spread strengthened slightly [1]. - PDH spot profit changed little, and paper profit oscillated downward. The production gross profit of alkylated oil declined, and the MTBE gross profit decreased. Fundamentally, port inventories decreased, refinery commercial volume increased by 2.47%, and refinery inventories increased but were overall controllable. PDH operating rate was 73.02% (-2.64pct), alkylation operating rate was 48.42% (+0.74), and MTBE operating rate was 63.54% (+0) [1].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the content. 2. Report's Core View - Corn: Short - term, the price is expected to be under pressure and continue the weak and volatile pattern; long - term, focus on the selling enthusiasm in the producing areas after the new season corn is launched [3]. - Starch: Short - term, the price fluctuates with the raw material price and is under pressure due to high inventory; long - term, maintain a bearish view [3]. - Sugar: The international sugar price is under pressure. The domestic sugar price is also under pressure with the arrival of imported sugar [4]. - Cotton: The price is in a shock state, and the downward space is limited. Attention should be paid to the change in demand [6]. - Eggs: The price rebounded from the low level before, then declined due to supply and demand issues. Attention should be paid to the culling rhythm and cold - storage egg出库 [12]. - Apples: The new - season output may not differ much from last year. The consumption is in the off - season, and attention should be paid to the final production [14]. - Pigs: The price is in a range - bound shock. Attention should be paid to the slaughter rhythm, diseases, and policies [14]. 3. Summary by Related Catalogs Corn/Starch - **Price Data**: From August 27 to September 2, the price in some regions changed slightly. For example, the price in Shekou increased by 10, and the starch basis decreased by 5 [2]. - **Market Analysis**: Corn supply increment is limited, and the price is expected to decline under pressure in the short - term and maintain a weak pattern; starch inventory is high, and the price is bearish in the long - term [3]. Sugar - **Price Data**: From August 27 to September 2, the spot price in some regions decreased, and the number of warehouse receipts decreased by 233 [4]. - **Market Analysis**: The international sugar price is under pressure due to supply, and the domestic sugar price is also under pressure with the arrival of imported sugar [4]. Cotton/Cotton Yarn - **Price Data**: From August 27 to September 2, the 3128 cotton price increased by 25, and the 32S spinning profit decreased by 37 [6]. - **Market Analysis**: The cotton price is in a shock state, and the downward space is limited. Attention should be paid to the demand change [6]. Eggs - **Price Data**: From August 27 to September 2, the price in some regions remained stable, and the basis increased by 11 [12]. - **Market Analysis**: The egg price rebounded from the low level before, then declined due to supply and demand issues. Attention should be paid to the culling rhythm and cold - storage egg出库 [12]. Apples - **Price Data**: From August 27 to September 2, the spot price remained stable, and the national inventory decreased by 16 [13][14]. - **Market Analysis**: The new - season output may not differ much from last year. The consumption is in the off - season, and attention should be paid to the final production [14]. Pigs - **Price Data**: From August 27 to September 2, the price in some regions changed slightly, and the basis decreased by 20 [14]. - **Market Analysis**: The pig price is in a range - bound shock. Attention should be paid to the slaughter rhythm, diseases, and policies [14].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - No relevant content found Group 3: Summary of Iron Ore Spot Market - The latest price of Newman powder is 765, with a daily change of 3 and a weekly change of -2. The discounted price on the disk is 818.3, and the import profit is -33.33 [1] - PB powder's latest price is 769, with a daily change of 4 and a weekly change of -1. The discounted price on the disk is 815.2, and the import profit is -15.16 [1] - The latest price of Mac powder is 755, with a daily change of 5 and a weekly change of -3. The discounted price on the disk is 824.7, and the import profit is -9.56 [1] - Similar data is provided for other iron ore types such as Jimbob, mixed powder, super special powder, etc. [1] Group 4: Summary of Iron Ore Futures Market - For the i2601 contract, the latest price is 771.5, with a daily change of 5.5 and a weekly change of -5.0. The monthly spread is 30.5, and relevant spread data is also given [1] - For the i2605 contract, the latest price is 750.0, with a daily change of 7.0 and a weekly change of -4.0. The monthly spread is 21.5, and relevant spread data is also given [1] - Similar data is provided for other futures contracts such as i2509, FE01, FE05, FE09 [1]

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 秦皇岛5500 694.0 -1.0 -8.0 32.0 -146.0 25省终端可用天数 21.0 -0.7 1.1 0.1 3.4 秦皇岛5000 613.0 -2.0 -16.0 15.0 -127.0 25省终端供煤 584.5 -10.3 -24.1 -55.6 -38.4 广州港5500 760.0 0.0 -5.0 20.0 -140.0 北方港库存 1996.0 -3.0 -41.0 -213.0 -145.0 鄂尔多斯5500 465.0 -5.0 -10.0 20.0 -145.0 北方锚地船舶 63.0 -3.0 -15.0 -9.0 -5.0 大同5500 520.0 -5.0 -10.0 0.0 -170.0 北方港调入量 181.5 9.5 21.3 39.0 29.5 榆林6000 602.0 0.0 0.0 10.0 -174.0 北方港吞吐量 175.6 -1.4 29.7 38.4 17.5 榆林6200 630.0 0.0 0.0 10.0 -172.0 CBCFI海运指数 624.0 -25.3 ...