Report Industry Investment Rating - Not provided in the given content Core Viewpoint - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, on August 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5320 and 5350 respectively, with daily changes of -30 and 0, and weekly changes of -10 and 50 [1]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1055 and 1105 US dollars respectively, with the latter having a weekly change of -5 [1]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5720, 5600, 5750, 5700, and 5700 respectively, with different daily and weekly changes [1]. Supply - The production data of 136 silicon ferroalloy enterprises in China, including monthly and weekly output, and the capacity utilization rate of enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are presented [3]. - The production data of silicon manganese in China from 2021 - 2025, including weekly output and the procurement volume and price of Hebei Iron and Steel Group, are shown [5]. Demand - The demand data of silicon manganese in China from 2021 - 2025, including the estimated demand volume and the relationship with the production of crude steel, are provided [3][6]. - The procurement volume and price data of Hebei Iron and Steel Group for silicon ferroalloy and silicon manganese from 2021 - 2025 are given [3][5]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China, including the inventory in different regions and the warehouse - receipt and effective - forecast data from 2021 - 2025, are presented [4]. - The inventory data of silicon manganese, including warehouse - receipt, effective - forecast, and the inventory of 63 sample enterprises in China from 2021 - 2025, are shown [6]. Cost and Profit - The cost and profit data of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025, including production cost, profit from converting to the main contract, and spot profit, are provided [4]. - The profit data of silicon manganese in different regions (Inner Mongolia, Guangxi, North, and South) from 2021 - 2025, including the profit from converting to the main contract, are shown [6].

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: August 29, 2025 [1] Price Information - **Coal Types Price**: The latest price of Liulin Main Coking Coal is 1505.00, with a weekly increase of 52.00 and a monthly increase of 94.00; the latest price of Raw Coal Port Delivery Price is 959.00, with a daily decrease of 19.00 and a monthly increase of 27.00; the latest price of Shaheyi Mongolian No. 5 is 1380.00, with a monthly increase of 160.00; the latest price of Anze Main Coking Coal is 1470.00, with a monthly decrease of 30.00 [2]. - **Peak Downs and Goonyella Price**: The latest price of Peak Downs is 201.00, with a weekly decrease of 4.00 and a monthly increase of 9.00; the latest price of Goonyella is 203.00, with a weekly decrease of 5.30 and a monthly increase of 10.00 [2]. - **Futures Price**: The latest price of Futures 05 is 1194.00, with a daily decrease of 10.00 and a monthly decrease of 18.50; the latest price of Futures 09 is 1005.50, with a daily decrease of 19.50 and a monthly decrease of 75.50; the latest price of Futures 01 is 1152.50, with a daily decrease of 12.00 and a monthly decrease of 26.50 [2]. Inventory Information - **Total Inventory**: The total inventory is 3507.66, with a weekly increase of 34.05 and a monthly increase of 57.08 [2]. - **Sub - Inventory**: The coal mine inventory is 283.62, with a weekly increase of 7.98 and a monthly increase of 35.36; the port inventory is 261.49, with a weekly increase of 6.00 and a monthly decrease of 30.85; the steel mill coking coal inventory is 812.31, with a weekly increase of 6.51 and a monthly increase of 12.80; the coking coking coal inventory is 966.41, with a weekly decrease of 10.47 and a monthly decrease of 18.97 [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization is 73.36, with a weekly decrease of 1.06 and a monthly decrease of 0.33 [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.99, with a weekly decrease of 1.18 and a monthly decrease of 1.63 [2]. - **Basis and Spread**: The 05 basis is 43.59, with a daily increase of 10.00; the 09 basis is 232.09, with a daily increase of 19.50; the 01 basis is 85.09, with a daily increase of 12.00; the 5 - 9 spread is 188.50, with a daily increase of 9.50; the 9 - 1 spread is - 147.00, with a daily decrease of 7.50; the 1 - 5 spread is - 41.50, with a daily decrease of 2.00 [2]

Price Performance - London Gold's latest price is 3376.35 with no change [2] - London Silver's latest price is 38.22 with no change [2] - London Platinum's latest price is 1339.00, down 11.00 [2] - London Palladium's latest price is 1090.00, down 1.00 [2] - WTI Crude's latest price is 64.15 with no change [2] - LME Copper's latest price is 9798.00, down 20.00 [2] - The latest US Dollar Index is 98.19 with no change [2] - The latest EUR/USD is 1.16 with no change [2] - The latest GBP/USD is 1.35 with no change [2] - The latest USD/JPY is 147.42 with no change [2] - The latest US 10 - year TIPS is 1.81 with no change [2] Trading Data - COMEX Silver's latest inventory is 15909.59 with no change [3] - SHFE Silver's latest inventory is 1178.52, up 13.02 [3] - Gold ETF's latest holding is 967.94, up 5.44 [3] - Silver ETF's latest holding is 15332.59, up 57.89 [3] - SGE Silver's latest inventory is 1304.46 with no change [3] - SGE Gold's latest deferred fee payment direction is 1 with no change [3] - SGE Silver's latest deferred fee payment direction is 1, down 1.00 [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, with increased unexpected TA maintenance, rising polyester开工, and returning PX supply, the near - term supply - demand pattern is expected to improve. Attention should be paid to opportunities to expand processing fees at low prices and the restart progress of Hengli Huizhou [3]. - For MEG, although the EG开工 has risen to a relatively high level, port inventories are expected to remain low in the short term. The far - month is expected to accumulate inventory, and it is regarded as a wide - range shock. Attention should be paid to the restart progress of Satellite and Xinrun [9]. - For polyester staple fiber, as the destocking of polyester yarn end products accelerates, restocking demand emerges. With high - level staple fiber开工 and continued destocking, attention should be paid to opportunities to expand processing fees at low prices [9]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a non - high level without seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [9]. Summary by Related Catalogs PTA - **Data Changes**: From August 22 to 28, 2025, the PTA spot price decreased by 60 yuan, and the polyester profit increased by 35 yuan. The TA basis decreased by 3, and the daily average sales ratio increased by 0.25. The PTA spot transaction average daily basis for 2509 increased by 25 [2]. - **Device Changes**: Sanfangxiang's 1.2 - million - ton device and Dushan Energy's 2.5 - million - ton device are under maintenance [3]. - **Market Situation**: Near - end TA unexpected maintenance increases, resulting in a significant decline in开工. Polyester负荷 continues to rise, inventory decreases month - on - month, the basis strengthens slightly, and spot processing fees improve. PX domestic开工 rises slightly, overseas devices restart, and开工 rebounds significantly. The PXN strengthens month - on - month, the disproportionation benefit weakens, and the isomerization benefit reaches a high level. The US - Asia aromatics transfer volume is relatively small [3]. MEG - **Data Changes**: From August 22 to 28, 2025, the MEG outer - market price decreased by 3 US dollars, the inner - market price decreased by 26 yuan, and the coal - based profit decreased by 26 yuan. The MEG basis for 01 increased by 62 [9]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarts, and Shaanxi Weihua's 300,000 - ton device is under maintenance [9]. - **Market Situation**: Near - end domestic oil - based devices restart, coal - based开工 declines slightly, and overall负荷 rebounds. Weekly arrivals decline while shipments remain stable, leading to a decrease in port inventory. Downstream restocking levels remain stable, the basis remains strong, and the benefit ratio remains basically stable month - on - month [9]. Polyester Staple Fiber - **Data Changes**: From August 22 to 28, 2025, the price of 1.4D cotton - type staple fiber decreased by 25 yuan, and the short - fiber profit increased by 25 yuan [9]. - **Device Changes**: Not mentioned in the content - **Market Situation**: Near - end Chuzhou Xingbang and Ningbo Zhuocheng increase production, and开工 rebounds slightly to 91.9%. Sales remain basically stable, and inventory decreases month - on - month. On the demand side, the polyester yarn end开工 rises, raw material restocking increases, and finished - product inventory continues to decrease, with weak benefits [9]. Natural Rubber & 20 - Number Rubber - **Data Changes**: From August 22 to 28, 2025, the price of US - dollar Thai standard spot increased by 10 US dollars, and the RU main contract price increased by 225 yuan [9]. - **Device Changes**: Not mentioned in the content - **Market Situation**: The national explicit inventory remains stable at a non - high level without seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping [9]. Styrene - **Data Changes**: From August 22 to 28, 2025, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (Jiangsu) decreased by 55 yuan [12]. - **Device Changes**: Not mentioned in the content - **Market Situation**: Not mentioned in the content

研究中心农产品团队 2025/08/29 棉花：转入震荡，等待后续需求验证。若后续无经济危机这类大型宏观风险事件，4月低点可以看作是棉价长期底部，在我国有美债与稀土两手 牌拿捏特朗普的情况下，关税可能也难回到4月水平，如此棉价下行空间有限，关注需求端变化。 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/08/22 | 2230 | 2190 | 2434 | 2360 | 15 | 30 258 | 2850 | 2980 | 357 | -5 | | 2025/08/25 | 2230 | 2210 | 2434 | 2360 | 56 | 10 254 | 2850 | 2930 | 374 | 17 | | 2025/08/26 | 2230 | 2210 | 2400 | 2360 | 52 | ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report No information provided. 3) Summary by Relevant Catalogs Spot Market - Various iron ore varieties including Newman powder, PB powder, and others have different latest prices, daily and weekly changes, and import profits. For example, Newman powder's latest price is 777, with a daily change of 10 and a weekly change of 11, and an import profit of -35.38 [1]. - Domestic iron ore like Tangshan iron concentrate powder has a latest price of 986, a daily change of 3, and a weekly change of 9 [1]. Futures Market - Exchange contracts such as i2601, i2605, and i2509 have different latest prices, daily and weekly changes, and month - to - month spreads. For instance, i2601 has a latest price of 790.5, a daily change of 15.0, and a weekly change of 18.0, with a month - to - month spread of 20.5 [1]. - FE contracts (FE01, FE05, FE09) also have corresponding price changes and spreads [1].

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 29, 2025 [1][3][4] Directory Summary Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,160 domestically and 9,715 on LME, with a ratio of 8.17; March price is 78,920 domestically and 9,798 on LME, with a ratio of 8.06. Spot import equilibrium ratio is 8.12, and profit is 309.94; spot export profit is - 402.29 [1] - **Zinc**: Spot price is 22,120 domestically and 2,774 on LME, with a ratio of 7.97; March price is 22,180 domestically and 2,778 on LME, with a ratio of 6.08. Spot import equilibrium ratio is 8.60, and profit is - 1746.21 [1] - **Aluminum**: Spot price is 20,730 domestically and 2,625 on LME, with a ratio of 7.90; March price is 20,735 domestically and 2,619 on LME, with a ratio of 7.92. Spot import equilibrium ratio is 8.40, and profit is - 1328.92 [1] - **Nickel**: Spot price is 119,650 domestically and 15,015 on LME, with a ratio of 7.97. Spot import equilibrium ratio is 8.19, and profit is - 1716.65 [1] - **Lead**: Spot price is 16,725 domestically and 1,951 on LME, with a ratio of 8.59; March price is 16,900 domestically and 1,992 on LME, with a ratio of 11.12. Spot import equilibrium ratio is 8.80, and profit is - 409.64 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 250, - 260, - 280, and - 310 respectively, while the theoretical spreads are 498, 894, 1299, and 1704 [4] - **Zinc**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 135, - 125, - 120, and - 125 respectively, while the theoretical spreads are 215, 335, 456, and 576 [4] - **Aluminum**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 75, - 90, - 115, and - 130 respectively, while the theoretical spreads are 215, 331, 447, and 564 [4] - **Lead**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are 45, 35, 60, and 50 respectively, while the theoretical spreads are 209, 315, 420, and 525 [4] - **Nickel**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 560, - 440, - 250, and - 50 respectively [4] - **Tin**: The 5 - 1 spread is 330, and the theoretical spread is 5644 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot are 50 and - 200 respectively, while the theoretical spreads are 318 and 720 [4] - **Zinc**: The spreads of the current - month and next - month contracts relative to the spot are 185 and 50 respectively, while the theoretical spreads are 146 and 275 [4] - **Lead**: The spreads of the current - month and next - month contracts relative to the spot are 140 and 185 respectively, while the theoretical spreads are 156 and 268 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.56, 3.81, 4.67, 0.93, 1.23, and 0.76 respectively; in London (three - continuous) are 3.53, 3.77, 4.95, 0.94, 1.31, and 0.71 respectively [5]

授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 698.0 -3.0 -4.0 45.0 -142.0 25省终端可用天数 19.5 -0.2 -0.5 -1.5 1.9 秦皇岛5000 618.0 -5.0 -15.0 30.0 -117.0 25省终端供煤 608.1 -6.4 -0.5 -32.0 -14.8 广州港5500 765.0 0.0 0.0 25.0 -135.0 北方港库存 2027.0 0.0 -43.0 -232.0 -178.7 鄂尔多斯5500 470.0 0.0 -15.0 40.0 -140.0 北方锚地船舶 78.0 8.0 8.0 -31.0 -1.0 大同5500 525.0 0.0 -25.0 20.0 -165.0 北方港调入量 153.0 -3.6 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the given content. It mainly offers a collection of data on asphalt - related indicators. 3. Summary by Relevant Catalogs Futures Contract Information - On August 27, the closing price of the BU main contract was 3471, with a daily change of - 52 and a weekly change of 18. The closing prices of BU06, BU09, BU12, and BU03 were 3353, 3495, 3399, and 3372 respectively, with corresponding daily changes of - 42, - 53, - 50, and - 32, and weekly changes of 39, 5, 42, and 51 [4][12][20]. - The trading volume on August 27 was 300106, with a daily increase of 31801 and a weekly increase of 82759. The open interest was 380429, with a daily decrease of 14421 and a weekly decrease of 47930. The contract position was 29790, with no daily change and a weekly decrease of 1350 [4][12][20]. Spot Market Information - On August 27, the market prices of asphalt in Shandong, East China, South China, North China, and Northeast China were 3520, 3700, 3500, 3670, and 3880 respectively. The daily changes were - 20, - 20, 10, - 10, and 0, and the weekly changes were - 30, - 20, - 10, - 10, and 0 [4][12][20]. - The spot prices of Jingbo (Haiyun) and Luhai (Xin Bohai) on August 27 were 3680 and 3670 respectively. The daily changes were 0 and - 10, and the weekly changes were 10 and - 10 [4][12][20]. Basis and Calendar Spread Information - The basis of Shandong, East China, and South China on August 27 was 49, 229, and 29 respectively. The daily changes were 32, 32, and 62, and the weekly changes were - 48, - 38, and - 28 [4][12][20]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03, and consecutive - 1 to consecutive - 2 on August 27 were 19, - 142, 96, 27, and 28 respectively. The daily changes were 10, 11, - 3, - 18, and 2, and the weekly changes were 12, 34, - 37, - 9, and - 16 [4][12][20]. Crack Spread and Profit Information - As of August 27, the asphalt Brent crack spread and asphalt Marrow profit data were unavailable. The comprehensive profits of ordinary refineries and Marrow - type refineries were also unavailable [4][12][20]. - The import profits from South Korea to East China and Singapore to South China on August 27 were - 138 and - 1036 respectively. The daily changes were - 16 and 11, and the weekly changes were - 4 and 7 [4][12][20]. Related Commodity Price Information - On August 27, the price of Brent crude oil was 67.2, with a daily change of - 1.6 and a weekly change of 0.4. The market price of gasoline in Shandong was 7599, with a daily change of - 28 and a weekly change of - 80 [4][12][20].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view is presented in the provided text. It mainly offers data on synthetic rubber market indicators such as prices, profits, and spreads. 3. Summary According to Relevant Catalogs BR (Butadiene Rubber) Futures Market - The closing price of the main contract on August 27 was 11,710, down 135 from the previous day and 5 week - on - week [3][14][25]. - The open interest of the main contract was 39,912, a daily decrease of 3,208 but a weekly increase of 4,221 [3][14][25]. - The trading volume of the main contract was 94,999, down 17,448 from the previous day and 74,065 week - on - week [3][14][25]. Spot Market - The Shandong market price on August 27 was 11,800, down 150 from the previous day but up 200 week - on - week [3][14][25]. - The Chuanhua market price was 11,700, with the same daily and weekly changes as the Shandong market [3][14][25]. - The Qilu ex - factory price remained at 12,100 on August 27, unchanged from the previous day but up 200 week - on - week [3][14][25]. Basis and Spread - The butadiene basis on August 27 was 90, down 15 from the previous day but up 205 week - on - week [3][14][25]. - The 8 - 9 month spread was 275, up 100 from the previous day [3][14][25]. Processing and Import/Export - The spot processing profit on August 27 was - 90, down 99 from the previous day and 14 week - on - week [3][14][25]. - The import profit was - 86,509, down 109 from the previous day and 1,110 week - on - week [3][14][25]. - The export profit was - 366, up 126 from the previous day but down 27 week - on - week [3][14][25]. BD (Butadiene) Spot Market - The Shandong market price on August 27 was 9,500, down 50 from the previous day but up 210 week - on - week [3][14][25]. - The Jiangsu market price was 9,300, down 200 from the previous day but up 50 week - on - week [3][14][25]. - The Yangzi ex - factory price remained at 9,500 on August 27, unchanged from the previous day but up 100 week - on - week [3][14][25]. Processing and Import/Export - The butylene oxidative dehydrogenation profit on August 27 was 206, down 200 from the previous day but up 50 week - on - week [3][14][25]. - The import profit was 299, down 196 from the previous day and 44 week - on - week [3][14][25]. - The export profit was - 909, up 278 from the previous day and 113 week - on - week [3][14][25]. Downstream Profit - The butadiene styrene production profit on August 27 was 1,075, up 13 from the previous day and 138 week - on - week [3][14][25]. - The SBS (791 - H) production profit was 1,090, up 15 from the previous day but down 55 week - on - week [3][14][25]. Spreads Inter - Variety Spreads - The Thai mixed - butadiene rubber spread on August 27 was 2,900, up 50 from the previous day but down 30 week - on - week [3][14][25]. - The 3L - butadiene styrene spread was 2,600, unchanged from the previous day and down 100 week - on - week [3][14][25]. Intra - Variety Spreads - The butadiene styrene 1502 - 1712 spread on August 27 was 900, down 50 from the previous day and 50 week - on - week [3][14][25].