1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 15, 2026 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 15, 2026, the domestic spot price was 104360, LME price was 13292, and the ratio was 7.67; the domestic March price was 104120, LME price was 13248, and the ratio was 7.90. The equilibrium ratio for spot import was 7.91 with a profit of - 1395.64, and the equilibrium ratio for spot export was 103.83 [1] - **Zinc**: The domestic spot price was 24590, LME price was 3205, and the ratio was 7.67; the domestic March price was 24475, LME price was 3220, and the ratio was 5.43. The equilibrium ratio for spot import was 8.33 with a profit of - 2101.93 [1] - **Aluminum**: The domestic spot price was 24670, LME price was 3209, and the ratio was 7.69; the domestic March price was 24595, LME price was 3192, and the ratio was 7.80. The equilibrium ratio for spot import was 8.32 with a profit of - 2016.71 [1] - **Nickel**: The domestic spot price was 140850, LME price was 17561, and the ratio was 8.02. The equilibrium ratio for spot import was 8.01 with a profit of 863.23 [1] - **Lead**: The domestic spot price was 17275, LME price was 2013, and the ratio was 8.56; the domestic March price was 17385, LME price was 2056, and the ratio was 11.95. The equilibrium ratio for spot import was 8.53 with a profit of 60.24 [3] Cross - Period Arbitrage Tracking - **Copper**: On January 15, 2026, the spreads of the next month, March, April, and May relative to the spot month were 1780, 2030, 2050, and 2260 respectively, while the theoretical spreads were 612, 1123, 1642, and 2162 respectively [4] - **Zinc**: The spreads were 225, 275, 310, and 310 respectively, and the theoretical spreads were 224, 354, 484, and 614 respectively [4] - **Aluminum**: The spreads were 245, 300, 340, and 380 respectively, and the theoretical spreads were 232, 366, 499, and 633 respectively [4] - **Lead**: The spreads were 0, 70, 100, and 105 respectively, and the theoretical spreads were 212, 319, 427, and 534 respectively [4] - **Nickel**: The spreads were 740, 940, 1280, and 1590 respectively [4] - **Tin**: The 5 - 1 spread was 2340, and the theoretical spread was 8388 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 1735 and 45 respectively, and the theoretical spreads were - 238 and 595 respectively [4] - **Zinc**: The spreads were - 390 and - 165 respectively, and the theoretical spreads were 47 and 189 respectively [4][5] - **Lead**: The spreads were 40 and 40 respectively, and the theoretical spreads were 82 and 197 respectively [5] Cross - Variety Arbitrage Tracking - On January 15, 2026, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 4.25, 4.23, 5.99, 1.00, 1.41, and 0.71 respectively, and in London (three - continuous) were 4.03, 4.14, 6.35, 0.97, 1.53, and 0.63 respectively [5]

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: January 15, 2026 [3] Key Data Summary BR (Butadiene Rubber) - **Futures Information**: The closing price of the BR main contract on January 14 was 12,250, with a daily increase of 250. The open interest was 100,576, a daily increase of 2,528, and a weekly increase of 66,594. The trading volume was 177,031, a daily increase of 46,860, and a weekly increase of 38,784. The warrant quantity remained unchanged at 26,330 on January 14, with a weekly increase of 1,970. The long - short ratio was 19.10, a daily increase of 1, and a weekly increase of 12 [4]. - **Basis/Spread/Inter - variety Spread**: The butadiene - styrene basis was - 150 on January 14, a daily increase of 205. The 02 - 03 spread was - 30, a daily increase of 35, and the 03 - 04 spread was - 25, a daily decrease of 5. The RU - BR spread was 3,910, a daily decrease, and the NR - BR spread was 765, a daily decrease of 75 [4]. - **Spot Price**: The Shandong market price was 12,000 on January 14, a daily increase of 100, and a weekly increase of 200. The Chuanhua market price was 11,950, a daily increase of 100, and a weekly increase of 200. The Qilu ex - factory price was 12,100, unchanged on January 14, with a weekly increase of 200. The CFR Northeast Asia price was 1,450, unchanged on January 14, with a weekly increase of 35. The CFR Southeast Asia price was 1,675, unchanged on January 14, with a weekly increase of 40 [4]. - **Profit**: The spot processing profit was - 196 on January 14, a daily decrease of 181, and a weekly decrease of 310. The import profit was 68, a daily increase of 94, and a weekly decrease of 51. The export profit was 610, a daily decrease of 82, and a weekly increase of 81 [4]. BD (Butadiene) - **Spot Price**: The Shandong market price was 9,800 on January 14, a daily increase of 275. The Jiangsu market price was 9,650, a daily increase of 325, and a weekly increase of 450. The Yangzi ex - factory price was 9,550, a daily increase of 350, and a weekly increase of 450. The CFR China price was 1,140, a daily increase of 35 [4]. - **Profit**: The ethylene cracking profit data on January 14 was N/A. The C4 extraction profit data on January 14 was N/A. The butylene oxidative dehydrogenation profit was 990, a daily increase of 355, and a weekly increase of 520. The import profit was 511, a daily increase of 45, and a weekly decrease of 755. The export profit was - 1,428, a daily increase of 418, and a weekly increase of 1,201. The styrene - butadiene production profit was 1,155, a daily decrease of 263, and a weekly decrease of 225. The ABS production profit data on January 14 was N/A. The SBS production profit was - 282, a daily decrease of 245, and a weekly decrease of 220 [4] Data Source - The data sources for the report are Mysteel and Wind [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 iron (FeSi), prices vary by region and grade, e.g., Ningxia 72 is 5320, Inner Mongolia 72 is 5350 [1] - For silicon manganese (SiMn), the closing price of the main contract on CZCE shows different trends over the years [6] - There are price differences in different regions and grades of FeSi and SiMn, such as the north - south price difference of SiMn [6] Supply - The production of 136 silicon iron enterprises in China shows different trends over the years, and the production capacity utilization rate also varies by region [4] - The production of silicon manganese in China shows a changing trend, and the procurement volume of HeSteel Group also changes over time [6] Demand - The demand for silicon manganese in China (by Steel Union's caliber) shows an upward trend over the years [4][7] - The production of crude steel in China has an impact on the demand for ferroalloys [4][7] Inventory - The inventory of 60 sample silicon iron enterprises in China and different regions shows different trends over the years [5] - The inventory - related data of silicon manganese, including warehouse receipts, effective forecasts, and the sum of them, show different trends [7] Cost and Profit - The production cost and profit of silicon iron in Ningxia and Inner Mongolia show different trends over the years [5] - The profit of silicon manganese in different regions, such as Inner Mongolia and Guangxi, also shows different trends [7]

1. Report Information - Report Name: Coke Daily Report - Research Team: Black Team of the Research Center - Date: January 15, 2026 [1] 2. Core Viewpoints - The report provides comprehensive data on the coke industry including prices, production, inventory, and related indicators, reflecting the current market situation. 3. Key Data Coke Prices - Shanxi quasi - first wet - quenched coke price is 1430.97, unchanged daily and weekly, with a monthly decrease of 109.23 and a year - on - year decrease of 11.18% [2] - Hebei quasi - first dry - quenched coke price is 1680.00, unchanged daily and weekly, with a monthly decrease of 110.00 and a year - on - year decrease of 7.69% [2] - Shandong quasi - first dry - quenched coke price is 1625.00, unchanged daily and weekly, with a monthly decrease of 90.00 and a year - on - year decrease of 9.22% [2] - Jiangsu quasi - first dry - quenched coke price is 1645.00, unchanged daily and weekly, with a monthly decrease of 110.00 and a year - on - year decrease of 10.11% [2] - Inner Mongolia second - grade coke price is 1130.00, unchanged daily and weekly, with a monthly decrease of 100.00 and a year - on - year decrease of 13.08% [2] Production and Utilization - Blast furnace operating rate is 86.04, a weekly increase of 0.78, a monthly increase of 0.12, and a year - on - year increase of 1.76% [2] - Daily average hot metal output is 229.50, a weekly increase of 2.07, a monthly increase of 0.30, and a year - on - year increase of 2.29% [2] - Coking capacity utilization rate is 70.74, a weekly increase of 0.39, a monthly decrease of 1.90, and a year - on - year decrease of 2.45% [2] - Daily average coke output is 49.75, a weekly decrease of 0.39, a monthly decrease of 1.85, and a year - on - year decrease of 6.22% [2] Inventory - Coking plant inventory is 44.17, a weekly decrease of 4.53, a monthly decrease of 5.94, and a year - on - year decrease of 27.48% [2] - Port inventory is 184.10, a weekly increase of 4.01, a monthly increase of 2.90, and a year - on - year increase of 1.61% [2] - Steel mill inventory is 645.73, a weekly increase of 1.74, a monthly increase of 10.45, and a year - on - year decrease of 4.19% [2] - Steel mill inventory days are 12.02, a weekly decrease of 0.08, a monthly increase of 0.36, and a year - on - year decrease of 11.36% [2] Futures Market - Futures contract 05 price is 1747, a daily decrease of 14.00, a weekly decrease of 33.50, a monthly increase of 90.00, and a year - on - year increase of 1.87% [2] - Futures contract 09 price is 1823.5, a daily decrease of 14.00, a weekly decrease of 32.50, a monthly increase of 91.00, and a year - on - year increase of 2.53% [2] - Futures contract 01 price is 1500, unchanged daily and weekly, a monthly increase of 1.00, and a year - on - year decrease of 13.69% [2] - 05 basis is - 20.15, a daily increase of 14.00, a weekly increase of 33.50, a monthly decrease of 196.69, and a year - on - year decrease of 220.35 [2] - 09 basis is - 96.65, a daily increase of 14.00, a weekly increase of 32.50, a monthly decrease of 197.69, and a year - on - year decrease of 233.35 [2] - 01 basis is 226.85, unchanged daily and weekly, a monthly decrease of 107.69, and a year - on - year increase of 49.65 [2] - 5 - 9 spread is - 247.00, a daily increase of 14.00, a weekly increase of 33.50, a monthly decrease of 89.00, and a year - on - year decrease of 270.00 [2] - 9 - 1 spread is - 76.50, unchanged daily, a weekly decrease of 1.00, a monthly decrease of 1.00, and a year - on - year decrease of 13.00 [2] - 1 - 5 spread is 323.50, a daily decrease of 14.00, a weekly decrease of 32.50, a monthly increase of 90.00, and a year - on - year increase of 283.00 [2]

2026/1/15 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1426.00 | -29.00 | 23.00 | -79.00 | 5.63% Peak Downs | 237.00 | 1.00 | 8.50 | 13.00 | 38.00 | | 原煤口岸库提价 | 1070.00 | 2.00 | 70.00 | 100.00 | 17.58% Goonyella | 238.00 | 1.00 | 8.50 | 15.00 | 36.00 | | 沙河驿蒙5# | 1340.00 | 0.00 | 0.00 | -20.00 | -0.74% 盘面05 | 1199.50 | -15.50 | -4.50 | 146.00 | 8.36% | | 安泽主焦 | 1620.00 | 120.00 | 120.00 | 120.00 | 15.71% 盘面09 | 127 ...

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalogs Price and Profit - The document presents the spot prices of various steel products in different regions from January 8 to January 14, 2026, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. For example, Beijing rebar price was 3190 on January 8 and 3190 on January 13; Tianjin hot - rolled coil price was 3230 on January 8 and 3170 on January 14. There are also price changes listed, such as a 0 change for Tianjin hot - rolled coil, - 20 for Shanghai hot - rolled coil, etc. [1] Output and Inventory - No information provided. Basis and Calendar Spread - No information provided.

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints -民间出口商向中国出口销售334,000吨大豆，2025/2026市场年度付运[1] -截至1月8日当周，美国大豆出口销售料净增80 - 200万吨，豆粕出口销售料净增15 - 40万吨，豆油出口销售料净增0 - 2.6万吨[1] -印尼取消今年B50生物柴油项目方案，维持B40计划，3月1日起上调棕榈油出口专项税[1] -中国1 - 12月大豆进口量为11,183.3万吨，同比增加6.5%；1 - 12月食用植物油进口量为693.6万吨，同比减少3.2%[1] 3. Summary by Related Catalogs Overnight Market Information -民间出口商向中国出口334,000吨大豆，2025/2026市场年度付运[1] -截至1月8日当周，美国大豆出口销售料净增80 - 200万吨，其中2025 - 26年度料净增80 - 180万吨，2026 - 27年度料净增0 - 20万吨；豆粕出口销售料净增15 - 40万吨，2025 - 26年度料净增15 - 40万吨，2026 - 27年度料净增0吨；豆油出口销售料净增0 - 2.6万吨，2025 - 26年度料净增0 - 2.6万吨，2026 - 27年度料净增0吨[1] -印尼取消今年B50生物柴油项目方案，维持B40计划，3月1日起将毛棕榈油出口专项税税率从10%上调至12.5%，精炼棕榈油产品税率上调2.5个百分点[1] -中国12月大豆进口量为804.4万吨，1 - 12月大豆进口量为11,183.3万吨，同比增加6.5%；12月食用植物油进口量为66.7万吨，1 - 12月食用植物油进口量为693.6万吨，同比减少3.2%[1] Spot Prices -提供了2026年1月8日至14日江苏豆粕、广东菜粕、江苏豆油、广州棕榈油、江苏菜油的现货价格数据[2] Other Information -涉及油脂基差、油脂油料盘面价差、蛋白粕基差等内容，但无具体数据[6][9][15]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - No clear core view presented in the given content Group 3: Summary by Relevant Catalogs Spot Market - Newman powder price is 818, with daily change of 0 and weekly change of -6. Its discounted futures price is 875.9, with daily change of -0.30 and weekly change of -1.00, and import profit is 16.98 [1] - PB powder price is 827, with daily change of 1 and weekly change of -5. Its discounted futures price is 881.9 [1] - Mac powder price is 820, with daily change of -8 and weekly change of -14. Its discounted futures price is 895.5, with daily change of -0.30 and weekly change of -1.00, and import profit is 43.45 [1] - Jinbuba powder price is 780, with daily change of 1 and weekly change of -5. Its discounted futures price is 875.3, with daily change of -0.35 and weekly change of -1.40, and import profit is 53.71 [1] - Mainstream mixed powder price is 757, with daily change of 0 and weekly change of -1. Its discounted futures price is 897.4, with daily change of -0.30 and weekly change of -0.65, and import profit is 5.79 [1] - Super special powder price is 702, with daily change of -1 and weekly change of -8. Its discounted futures price is 924.9, with daily change of -0.20 and weekly change of -0.60, and import profit is 5.76 [1] - Carajás powder price is 909, with daily change of 1 and weekly change of -10. Its discounted futures price is 845.0, with daily change of -0.35 and weekly change of -1.20, and import profit is -11.83 [1] - Brazilian mixed powder price is 858, with daily change of -5 and weekly change of -15. Its discounted futures price is 867.8, with daily change of -0.15 and weekly change of -1.15, and import profit is 8.79 [1] - Brazilian coarse IOC6 price is 787, with daily change of -3 and weekly change of -9. Its discounted futures price is 863.3 [1] - Brazilian coarse SSFG price is 792, with daily change of -3 and weekly change of -9 [1] - Ukrainian iron concentrate price is 901, with daily change of -8 and weekly change of -14. Its discounted futures price is 998.3 [1] - 61% Indian powder price is 769, with daily change of 1 and weekly change of -5 [1] - Karara iron concentrate price is 905, with daily change of -4 and weekly change of -10. Its discounted futures price is 928.3 [1] - Roy Hill powder price is 814, with daily change of 1 and weekly change of -5. Its discounted futures price is 895.9, with daily change of -0.35 and weekly change of -0.95, and import profit is 65.00 [1] - KUMBA powder price is 886, with daily change of 1 and weekly change of -5. Its discounted futures price is 866.5 [1] - 57% Indian powder price is 637, with daily change of -1 and weekly change of -8 [1] - Atlas powder price is 752, with daily change of 0 and weekly change of -1 [1] - Tangshan iron concentrate price is 982, with daily change of 0 and weekly change of -6. Its discounted futures price is 869.0 [1] Futures Market - i2601 contract price is 832.5, with daily change of 2.5 and weekly change of -6.5. The monthly spread is -33.5, with daily change of 12.5, weekly change of -1.4, and weekly change of -4.3 [1] - i2605 contract price is 821.0, with daily change of 1.5 and weekly change of -7.0. The monthly spread is 11.5, with daily change of 24.0, weekly change of -0.4, and weekly change of -3.8 [1] - i2609 contract price is 799.0, with daily change of 1.0 and weekly change of -5.5. The monthly spread is 22.0, with daily change of 46.0, weekly change of 0.1, and weekly change of -5.3 [1] - FE01 price is 108.19, with daily change of -0.70 and weekly change of 1.55. The monthly spread is -2.55, with daily change of -22.7, weekly change of -28.7, and weekly change of -7.2 [1] - FE05 price is 107.41, with daily change of -0.83 and weekly change of 1.86. The monthly spread is 0.78, with daily change of -27.0, weekly change of 3.4, and weekly change of 4.9 [1] - FE09 price is 105.64, with daily change of -0.76 and weekly change of 1.99. The monthly spread is 1.77, with daily change of -34.6, weekly change of 1.8, and weekly change of 3.3 [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 706.0 0.0 9.0 -35.0 -64.0 25省终端可用天数 20.1 -0.3 0.1 -0.8 2.5 秦皇岛5000 620.0 1.0 13.0 -18.0 -60.0 25省终端供煤 574.1 4.0 -34.5 -66.0 -48.8 广州港5500 810.0 0.0 0.0 -25.0 -60.0 北方港库存 2593.0 -33.0 62.0 -191.0 260.2 鄂尔多斯5500 510.0 10.0 15.0 -15.0 -60.0 北方锚地船舶 99.0 -10.0 26.0 49.0 18.0 大同5500 565.0 10.0 15.0 -15.0 -75.0 北方港调入量 144.6 -3.9 22.5 -5.3 -8.2 榆林6000 690.0 0.0 0.0 -22.0 -72.0 北方港吞吐量 169.6 67.2 34.8 19.0 13.8 榆林6200 745.0 0.0 0.0 -10.0 -45.0 CBCFI海运指数 620.8 5.2 3.4 -12. ...

废钢早报 研究中心黑色团队 2026/01/15 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/08 | 2170 | 2260 | 2041 | 2242 | 2214 | 2098 | | 2026/01/09 | 2170 | 2259 | 2043 | 2241 | 2214 | 2102 | | 2026/01/12 | 2171 | 2260 | 2043 | 2243 | 2214 | 2105 | | 2026/01/13 | 2182 | 2262 | 2045 | 2248 | 2214 | 2105 | | 2026/01/14 | 2183 | 2262 | 2050 | 2250 | 2216 | 2105 | | 环比 | 1 | 0 | 5 | 2 | 2 | 0 | 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，研究方法专业审慎，分析结论 ...