Group 1: Price Performance - London gold's latest price is 4367.80 with a change of 30.75 [1] - London silver's latest price is 74.84 with a change of 0.20 [1] - London platinum's latest price is 2180.00 with no change [1] - London palladium's latest price is 1648.00 with no change [1] - WTI crude's latest price is 58.08 with no change [1] - LME copper's latest price is 12476.50 with a change of -76.50 [1] - The latest value of the US dollar index is 98.22 with a change of 0.22 [1] - The latest exchange rate of euro against US dollar is 1.17 with no change [1] - The latest exchange rate of pound against US dollar is 1.35 with no change [1] - The latest exchange rate of US dollar against Japanese yen is 156.43 with a change of 0.39 [1] - The latest yield of the US 10 - year TIPS is 1.90 with no change [1] Group 2: Trading Data - COMEX silver's latest inventory is 13960.19 with a change of -9.24 [2] - SHFE silver's latest inventory is 755.75 with a change of -40.99 [2] - Gold ETF's latest holding is 1071.99 with no change [2] - Silver ETF's latest holding is 16455.42 with a change of 149.46 [2] - SGE silver's latest inventory is 714.41 with no change [2] - SGE gold's latest deferred - fee payment direction value is 1 with no change [2] - SGE silver's latest deferred - fee payment direction value is 2 with no change [2]

Report Information - Report Title: Coking Coal Daily Report - Report Date: December 31, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price Information - **Coal Types**: The latest price of Liulin Main Coking Coal is 1450.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 55.00, and a yearly increase of 2.11%. The price of Peak Downs is 228.00, with no daily and weekly changes, a monthly increase of 13.50, and a yearly increase of 14.00. Other coal types such as raw coal port pick - up price, Shaheyi Meng 5, and Anze Main Coking Coal also have their respective price changes [2]. - **Futures Prices**: The latest price of Futures 05 is 1110.00, with a daily increase of 1.50, a weekly decrease of 14.00, a monthly decrease of 69.00, and a yearly decrease of 3.48%. Futures 09 and Futures 01 also have corresponding price and change data [2]. Inventory and Utilization Information - **Inventory**: The total inventory is 4011.40, with a weekly increase of 77.29, a monthly increase of 290.20, and a yearly decrease of 15.69%. Different inventory types like coal mine inventory, port inventory, steel mill coking coal inventory, and coking coking coal inventory have their own change trends [2]. - **Utilization Rate**: The coking capacity utilization rate is 71.66, with a weekly decrease of 0.39, a monthly decrease of 1.29, and a yearly decrease of 1.97%. The coking coke inventory is 85.52, with a daily decrease of 0.21, a monthly increase of 0.10, and a yearly decrease of 0.86% [2]. Spread Information - **Futures Spreads**: The 5 - 9 spread is - 82.50, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 18.50, and a yearly increase of 0.15%. The 9 - 1 spread and 1 - 5 spread also have their respective change data [2]. - **Futures Basis**: The 05 basis is - 121.72, with a daily decrease of 1.50, a weekly decrease of 23.93, a monthly decrease of 26.40, and a yearly decrease of 32.41%. The 09 basis and 01 basis also have corresponding change trends [2].

1. Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - No clear core viewpoints are presented in the given report content. 3. Summary by Relevant Data Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1485.59, with no daily change, no weekly change, a monthly change of - 109.23, and a year - on - year change of - 13.65% [2] - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily change, no weekly change, a monthly change of - 110.00, and a year - on - year change of 4.52% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, no weekly change, a monthly change of - 110.00, and a year - on - year change of - 12.63% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, no weekly change, a monthly change of - 110.00, and a year - on - year change of - 12.37% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, no weekly change, a monthly change of - 100.00, and a year - on - year change of - 15.71% [2] Production and Capacity Utilization - The blast furnace operating rate is 84.94, with a weekly change of 0.01, a monthly change of - 3.04, and a year - on - year change of - 1.38% [2] - The average daily hot metal output is 226.58, with a weekly change of 0.03, a monthly change of - 8.10, and a year - on - year change of - 0.57% [2] - The coking capacity utilization rate is 70.50, with a weekly change of - 1.42, a monthly change of - 0.60, and a year - on - year change of - 2.42% [2] - The average daily coke output is 50.66, with a weekly change of - 0.64, a monthly change of - 2.20, and a year - on - year change of - 4.11% [2] Inventory Information - The coking plant inventory is 50.14, with a weekly change of - 1.76, a monthly change of 4.93, and a year - on - year change of 2.87% [2] - The port inventory is 178.20, with a weekly change of 2.55, a monthly change of - 9.20, and a year - on - year change of 5.64% [2] - The steel mill inventory is 642.20, with a weekly change of 8.47, a monthly change of 16.68, and a year - on - year change of - 0.45% [2] - The steel mill inventory days are 12.01, with a weekly change of 0.29, a monthly change of 0.72, and a year - on - year change of - 7.47% [2] Futures Information - The latest price of futures contract 05 is 1714.5, with a daily change of 7.00, a weekly change of - 25.00, a monthly change of - 28.50, and a year - on - year change of - 4.03% [2] - The latest price of futures contract 09 is 1794, with a daily change of 9.00, a weekly change of - 22.00, a monthly change of - 8.50, and a year - on - year change of - 3.16% [2] - The latest price of futures contract 01 is 1574.5, with a daily change of - 6.00, a weekly change of - 22.50, a monthly change of - 16.00, and a year - on - year change of - 11.42% [2] - The 05 basis is 71.08, with a daily change of - 7.00, a weekly change of 25.00, a monthly change of - 92.17, and a year - on - year change of - 110.97 [2] - The 09 basis is - 8.42, with a daily change of - 9.00, a weekly change of 22.00, a monthly change of - 112.17, and a year - on - year change of - 124.47 [2] - The 01 basis is 211.08, with a daily change of 6.00, a weekly change of 22.50, a monthly change of - 104.67, and a year - on - year change of 20.03 [2] - The 5 - 9 spread is - 140.00, with a daily change of - 13.00, a weekly change of 2.50, a monthly change of 12.50, and a year - on - year change of - 131.00 [2] - The 9 - 1 spread is - 79.50, with a daily change of - 2.00, a weekly change of - 3.00, a monthly change of - 20.00, and a year - on - year change of - 13.50 [2] - The 1 - 5 spread is 219.50, with a daily change of 15.00, a weekly change of 0.50, a monthly change of 7.50, and a year - on - year change of 144.50 [2]

Report Summary 1) Report Industry Investment Rating Not provided in the given content. 2) Core View of the Report Not provided in the given content. 3) Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from December 24 to December 30, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot - rolled and cold - rolled coils [1]. - For rebar, the price changes were 0 in Beijing, 0 in Shanghai, - 30 in Chengdu, 50 in Xi'an, 0 in Guangzhou, and 0 in Wuhan [1]. - For hot - rolled coils, the price changes were 0 in Tianjin, 0 in Shanghai, and 0 in Lecong; for cold - rolled coils, the price change was - 10 in Tianjin, 0 in Shanghai, and 0 in Lecong [1]. Production and Inventory Not provided in the given content. Basis and Spread Not provided in the given content.

Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - This week, copper prices rose significantly, influenced by the precious metals market and the warming of risk appetite at home and abroad. Considering the industrial perspective, the negative feedback from downstream in China is obvious, with the weekly operating rate of copper rods dropping seasonally and the overall social inventory accumulating rapidly. In the overseas market, the CL spread shows a slight compression trend. Looking ahead, with the continuous loose liquidity overseas, the overall idea for copper prices is to buy on dips, and the expected price range in December is between $10,800 and $12,500 [1]. - In November, the import volume of primary aluminum decreased significantly, while the exports of primary aluminum, aluminum products, and semi - finished products increased. Domestic apparent demand is weaker than previously estimated. The terminal sales of automobiles are poor and are expected to decline further after the subsidy is removed in 2026, but the month - on - month increase in photovoltaic installation is better than expected. Aluminum ingot and product inventories are accumulating, and apparent demand is declining. Although domestic apparent demand and terminal consumption show signs of weakening and the basis is at a multi - year low, the low inventory level and strong expectations can support the current high price [1]. - This week, the LME zinc 0 - 3M backwardation maintained a volatile trend, alleviating the overseas supply - demand contradiction. On the supply side, the domestic and imported TC are accelerating their decline, and the domestic zinc ore supply will be marginally tight from the fourth quarter to the first quarter of next year. With the approaching of winter storage, domestic smelters are competing for zinc ore inventory. Currently, the profit is acceptable, but attention should be paid to the impact of sulfuric acid and silver prices on the total profit. In November, the Huoshaoyun zinc ingot was officially put into production, and the production increase of other smelters is limited. In December, many smelters such as Chihong, Inner Mongolia, and Xinjiang are under maintenance and are expected to resume production in mid - January, with a month - on - month decline of 15,000 - 18,000 tons. On the demand side, domestic demand is seasonally weak, and downstream orders at the end of the year are weak; overseas, European demand is average, and US zinc ingot imports have increased recently. As the export window gradually opens, the domestic social inventory is oscillating downward, the domestic spot is in short supply, and the premium remains high. The LME inventory overseas has rebounded, and the premium has changed to backwardation. In terms of strategy, the domestic fundamentals of zinc are currently poor, but there is a temporary reduction in supply at the end of the year, so the price center may be difficult to fall deeply. It is recommended to wait and see for unilateral trading; for the domestic - foreign spread, pay attention to the reverse arbitrage opportunity; for the calendar spread, pay attention to the positive arbitrage opportunity [1][4]. - On the supply side of nickel, the output of pure nickel decreased slightly month - on - month. On the demand side, the overall demand is weak, but the Jinchuan premium is strong. In terms of inventory, the inventory accumulation in China slowed down this week, and the LME inventory increased slightly. The short - term fundamentals are weak. According to the news, the Indonesian Nickel Association (a non - official organization) said that the quota plan for next year is 250 million tons (a 34% decrease compared to 2025). Although there may be a difference between the actual quota and the statement of the association, it is difficult to disprove it in the short term. From the perspective of odds, more investors are taking long positions, and the game between policy and fundamentals has intensified [7]. - In terms of stainless steel supply, steel mills maintain a high production schedule. On the demand side, it is mainly driven by rigid demand. In terms of cost, the price of ferronickel has stabilized slightly, and the price of ferrochrome has remained stable. In terms of inventory, the inventory remains at a high level, and the warehouse receipts are stable. The overall fundamentals are weak, but the Indonesian policy has a certain motivation to support prices. The news of quota reduction by the Indonesian Nickel Association has driven a short - term price rebound [9]. - This week, lead prices rose following the macro - trend. On the supply side, the profit of primary lead drives production, and the maintenance is expected to reduce production by 10,000 - 15,000 tons. The operation rate of concentrate mines is seasonally declining, and the concentrate supply is tightening with no hope of a TC rebound; the secondary lead production has resumed, and the output has increased. Recyclers are showing the intention to support prices, and the maintenance within the month will affect 15,000 tons of production. On the demand side, the battery operation rate was at a high level this week, and the monthly electric product inventory was accumulating, with a weakening demand expectation. Since the end of September, the lead ingot market has tightened, and the supply - demand mismatch is serious. Currently, the resumption of secondary lead production has alleviated the supply - demand contradiction, but the high operation rate of battery factories makes it difficult to accumulate inventory, and downstream replenishment at low prices provides support. Lead prices are oscillating around 17,000. The willingness of secondary lead producers to sell has recovered with the rebound of lead prices, and the refined - scrap spread is - 50. Recently, the implementation of the new national standard has suppressed the consumption of two - wheeled vehicle batteries, and the procurement and sales are cold at the end of the year. This week, the battery operation rate dropped to 72%. The primary lead supply in November - December is expected to be flat. This week, the increase in secondary lead production and the maintenance of primary lead offset each other, and the lead ingot spot is still in short supply, with low inventory. The refined - scrap spread has fallen back to - 50 with the rise of lead prices, and the primary lead ingot spot has support. The five - region social inventory has continued to decline to 17,900 tons, and there is still a risk of warehouse receipt contradiction. It is expected that the domestic and overseas lead prices will maintain an oscillating trend next week, with an expected range of 17,100 - 17,600. There are signs of scrap battery price support, and attention should be paid to the risk of low warehouse receipts and cautious operation is recommended [10][11]. - This week, tin prices oscillated upward under the influence of macro - sentiment and capital allocation. On the supply side, the processing fee of tin ore remains at a low level with limited rebound space. Overseas, the production in Wa State is recovering slowly due to slow commissioning of pumping equipment, but the high price recently has stimulated the export of a large amount of inventory ore. If the tin price remains high, it may also accelerate the solution of the mine water accumulation problem; the Indonesian President announced that tin ingot exports will return to normal levels in 2026, and there is a rush to export at the end of the year. The export in November is expected to exceed 6,000 tons, and the quota issue in the first quarter of next year is expected to be controversial; the temporary peace agreement between the Democratic Republic of the Congo and Rwanda under the mediation of the United States has alleviated the short - term risk disturbance. On the demand side, the high price is mainly supported by rigid demand, and the downstream's willingness to accept orders has significantly weakened with the rapid rise of tin prices, and the inventory is accumulating at home and abroad. In the short term, there is a risk of marginal over - supply under the stimulation of high prices, and the fundamentals show signs of marginal weakening. If there is a systematic macro - correction, the price may fluctuate greatly; in the long term, demand determines the upper price limit. Tin can be a long - position allocation for non - ferrous metals in the first quarter. 2026 is a year of significant supply recovery, and if the macro - situation is worse than expected, the price may also fluctuate greatly downward [14]. - In the industrial silicon market, a large factory in Xinjiang increased production by 2 units and currently maintains 100 units. Orient Hope has entered the maintenance period and reduced production by 2 units, the Inner Mongolia area reduced production by 4 units, and a silicon factory in Gansu increased production by 4 units. As large factories gradually enter the maintenance period, the supply and demand of industrial silicon are approaching balance. In the short term, the supply and demand of industrial silicon in December are in a balanced state, and the price is expected to oscillate with the cost. In the long term, the over - capacity of industrial silicon is still high, and the operation rate is low. The price trend is expected to oscillate at the cycle bottom based on the seasonal marginal cost [17]. - The futures price of lithium carbonate continued to rise significantly under the influence of factors such as the reference price switch of Tianqi Lithium and the processing fee negotiation of downstream lithium iron phosphate factories. On the raw material side, the available supply is still tight, and lithium salt producers have limited acceptance of high - priced ore, resulting in light trading. On the lithium salt side, upstream producers mainly focus on long - term contracts, and a small number of spot orders are sold at high prices, and the inventory continues to decline. On the downstream side, under the SMM settlement system, the futures price exceeds the acceptable range of material producers, and the current trading is mainly for the rigid demand of enterprises, with a small number of high - price transactions with post - pricing. Currently, the quoted price of spodumene - based electric - grade lithium carbonate is around 05 - 2000 - 05 - 1500, the actual transaction price of first - tier products is around 05 - 1500, and the second - and third - tier products are sold in large quantities at around 05 - 2200. In the short - term supply - demand situation, the actual capacity utilization rate of lithium carbonate is relatively high, and both supply and demand are strong, but the demand shows signs of marginal weakening. The inventory reduction in December is expected to be maintained at 7,000 - 7,500 tons. In January, without considering upstream maintenance and the resumption of production by CATL, a month - on - month demand decline of about 8% will lead to an inventory accumulation of 2,000 - 3,000 tons [19]. Grouped Summaries Copper - This week, copper prices rose significantly, influenced by the precious metals market and the warming of risk appetite at home and abroad [1] - Domestically, the negative feedback from downstream is obvious, with the weekly operating rate of copper rods dropping seasonally and the overall social inventory accumulating rapidly [1] - Overseas, the CL spread shows a slight compression trend, and the overall idea for copper prices is to buy on dips, with an expected price range in December of $10,800 - $12,500 [1] Aluminum - In November, the import volume of primary aluminum decreased significantly, while exports increased, and domestic apparent demand is weaker than previously estimated [1] - The terminal sales of automobiles are poor and are expected to decline further after the subsidy is removed in 2026, but the month - on - month increase in photovoltaic installation is better than expected [1] - Aluminum ingot and product inventories are accumulating, and apparent demand is declining. The low inventory level and strong expectations can support the current high price [1] Zinc - This week, the LME zinc 0 - 3M backwardation maintained a volatile trend, alleviating the overseas supply - demand contradiction [4] - On the supply side, domestic and imported TC are accelerating their decline, and the domestic zinc ore supply will be marginally tight from the fourth quarter to the first quarter of next year [4] - In November, the Huoshaoyun zinc ingot was officially put into production, and many smelters are under maintenance in December, with a month - on - month decline of 15,000 - 18,000 tons expected [4] Nickel - On the supply side, the output of pure nickel decreased slightly month - on - month, and on the demand side, the overall demand is weak, but the Jinchuan premium is strong [7] - This week, the domestic inventory accumulation slowed down, and the LME inventory increased slightly. The short - term fundamentals are weak [7] - The Indonesian Nickel Association said that the quota plan for next year is 250 million tons (a 34% decrease compared to 2025), intensifying the game between policy and fundamentals [7] Stainless Steel - Steel mills maintain a high production schedule, and demand is mainly driven by rigid demand [9] - The price of ferronickel has stabilized slightly, and the price of ferrochrome has remained stable, with high inventory and stable warehouse receipts [9] - The overall fundamentals are weak, but the Indonesian policy has a certain motivation to support prices, driving a short - term price rebound [9] Lead - This week, lead prices rose following the macro - trend. On the supply side, primary lead production is affected by maintenance, and secondary lead production has resumed [11] - On the demand side, the battery operation rate was at a high level this week, and the monthly electric product inventory was accumulating, with a weakening demand expectation [11] - The lead ingot spot is still in short supply, with low inventory. It is expected that lead prices will oscillate next week in the range of 17,100 - 17,600 [11] Tin - This week, tin prices oscillated upward under the influence of macro - sentiment and capital allocation [14] - On the supply side, the processing fee of tin ore remains at a low level, and overseas production recovery is slow but high prices stimulate inventory ore export [14] - In the short term, there is a risk of marginal over - supply, and in the long term, demand determines the upper price limit [14] Industrial Silicon - A large factory in Xinjiang increased production, Orient Hope entered the maintenance period, and the Inner Mongolia area and a Gansu factory adjusted production [17] - The supply and demand of industrial silicon are approaching balance. In the short term, the price is expected to oscillate with the cost [17] - In the long term, the over - capacity is still high, and the price trend is expected to oscillate at the cycle bottom based on the seasonal marginal cost [17] Lithium Carbonate - The futures price continued to rise significantly under the influence of factors such as the reference price switch of Tianqi Lithium and downstream processing fee negotiation [19] - On the raw material side, trading is light, and on the lithium salt side, inventory is declining, with downstream trading mainly for rigid demand [19] - In the short - term, both supply and demand are strong but demand shows signs of marginal weakening, and inventory reduction in December and accumulation in January are expected [19]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided text. The document mainly shows data on asphalt - related indicators. 3. Summary by Related Catalogs 3.1. Basis and Calendar Spread - **Basis**: On 12/31, Shandong basis (+80) (non - Jingbo) was - 68 with no daily change; East China basis (Zhenjiang warehouse) was - 118; South China basis (Foshan warehouse) was - 138 with a daily increase of 40 [2]. - **Calendar Spread**: On 12/31, 01 - 03 was - 43 with a daily decrease of 8; 02 - 03 was - 7 with a daily decrease of 3; 03 - 06 was - 24 [2]. 3.2. Futures Contracts - **BU Main Contract (02)**: On 12/31, the price was 3038, up 30 compared to the previous day. The trading volume was 465494, an increase of 79321 (17%), and the open interest was 440255, a decrease of 2448 (- 3%) [2]. 3.3. Spot Market - **Brent Crude Oil**: On 12/31, it was 61.9, up 1.3 [2]. - **Asphalt Spot Prices**: On 12/31, Jingbo was 2980, up 40; Shandong (non - Jingbo) was 2890, up 30; Zhenjiang warehouse was 2920, up 30; Foshan warehouse was 2900, up 70 [2]. 3.4. Profit and Inventory - **Asphalt - Marey Profit**: On 12/31, it was 382, down 42 [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 31, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5300 and 5320 respectively, with daily changes of 50 and weekly changes of 50. The latest prices of the main contract and 01 contract were 5750 and 5564 respectively, with daily changes of 74 and 30, and weekly changes of 102 and 46 [2]. - For silicon manganese, on the same date, the latest ex - factory price of Inner Mongolia 6517 was 5650, with a daily change of 60 and a weekly change of 80. The latest main contract price was 5942, with a daily change of 80 and a weekly change of 120 [2]. Supply - The monthly production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, showing the overall supply trend of the silicon ferroalloy industry [5]. - The weekly production data of silicon manganese in China from 2021 - 2025 are provided, reflecting the supply situation of the silicon manganese industry [7]. Demand - The monthly estimated and actual production of crude steel in China from 2021 - 2025 are shown, which is related to the demand for ferroalloys [5][8]. - The monthly demand data of silicon manganese in China (Steel Union caliber) from 2021 - 2025 are presented, indicating the market demand for silicon manganese [5][8]. Inventory - The weekly inventory data of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 are provided, along with the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and the sum of them [6]. - The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and the sum of them from 2021 - 2025 are presented, as well as the weekly inventory data of 63 sample silicon manganese enterprises in China from 2021 - 2025 [8]. Cost and Profit - Cost - related factors such as electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) and the market price of semi - coking coal in Shaanxi from 2021 - 2025 are shown, affecting the production cost of ferroalloys [6]. - The production profit data of silicon ferroalloy in Ningxia and Inner Mongolia, as well as the export profit data of 75 - grade silicon ferroalloy from 2021 - 2025 are presented [6]. - The profit data of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 are provided [8].

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਉਨ੍ਹੇ | | 昨日收盘价 | 涨跌 | 基差 | 昨日成交量 | | 昨日持仓昼 | 持合变动 | | | EC2602 | | 1795.1 | -1.53% | -52.5 | 24777 | | 27855 | -2582 | | | EC2604 | | 1160.2 | -0.83% | 582.4 | 7238 | | 21241 | 44 | | | EC2606 | | 1370.0 | -0.29% | 372.6 | 856 | | 2230 | - 1249 | | | EC2608 | | 1500.1 | 0.16% | 242.5 | 86 | | 1196 | -10 | | | EC2610 | | 1056.0 | 0.12% | 686.6 | 643 | | 6084 | 72 | | | 月差 | | 前一日 | 前两日 | 前三日 | 日环 ...

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market Data - **Australian Mainstream Iron Ore**: Newman powder price is 798, down 3 daily and up 11 weekly; PB powder price is 801, down 3 daily and up 11 weekly; Mac powder price is 803, up 1 daily and up 19 weekly; Jinbuba powder price is 754, down 3 daily and up 11 weekly; Mixed powder price is 740, down 5 daily and up 7 weekly; Super special powder price is 680, unchanged daily and up 8 weekly; Carajás powder price is 885, down 7 daily and up 15 weekly; Roy Hill powder price is 788, down 3 daily and up 11 weekly; KUMBA powder price is 860, down 3 daily and up 11 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 851, up 11 daily and up 26 weekly; Brazilian coarse IOC6 price is 765, down 3 daily and up 11 weekly; Brazilian coarse SSFG price is 770, down 3 daily and up 11 weekly [1] - **Other Iron Ore**: Ukrainian concentrate powder price is 877, down 5 daily and up 2 weekly; 61% Indian powder price is 743, down 3 daily and up 11 weekly; Karara concentrate powder price is 882, down 5 daily and up 7 weekly; 57% Indian powder price is 615, unchanged daily and up 8 weekly; Atlas powder price is 735, down 5 daily and up 7 weekly; Tangshan iron concentrate powder price is 982, unchanged daily and up 6 weekly [1] Futures Market Data - **Dalian Commodity Exchange Contracts**: i2601 contract price is 809.0, down 7.0 daily and up 12.5 weekly; i2605 contract price is 789.0, down 7.5 daily and up 10.5 weekly; i2609 contract price is 767.0, down 6.5 daily and up 10.5 weekly [1] - **Singapore Exchange Contracts**: FE01 contract price is 105.83, up 1.16 daily and up 1.07 weekly; FE05 contract price is 104.17, up 1.15 daily and up 1.36 weekly; FE09 contract price is 102.16, up 1.14 daily and up 1.41 weekly [1] Other Data - **Import Profit**: Newman powder import profit is 20.28; PB powder import profit is - 14.00; Mac powder import profit is 52.72; Jinbuba powder import profit is 37.44; Mixed powder import profit is 4.61; Super special powder import profit is - 10.63; Carajás powder import profit is - 26.66; Brazilian mixed ore import profit is 13.52 [1] - **Month - to - Month Spread**: i2601/i2605 spread is - 42.0, up 10.1 daily and up 3.7 weekly; i2605/i2609 spread is 20.0, up 30.1 daily and up 5.7 weekly; i2609/i2601 spread is 22.0, up 52.1 daily and up 5.7 weekly; FE01/FE05 spread is - 3.67, down 21.9 daily and up 5.3 weekly; FE05/FE09 spread is 1.66, down 28.2 daily and up 7.8 weekly; FE09/FE01 spread is 2.01, down 35.3 daily and up 5.4 weekly [1]

油脂油料早报 研究中心农产品团队 2025/12/31 隔 夜 市 场 信 息 ： 民间出口商报告向未知目的地出口销售231,000吨大豆 民间出口商报告向未知目的地出口销售231,000吨大豆，2025/2026市场年度付运。 民间出口商报告向中国出口销售136,000吨大豆 民间出口商报告向中国出口销售136，000吨大豆，2025/2026市场年度付运。 Anec：巴西12月大豆出口量预计为302万吨 ANEC表示，巴西12月大豆出口量预计为302万吨，之前一周预计为357万吨。巴西12月豆粕出口量预计为187万吨， 之前一周预计为200万吨。 主 产 国 降 水 情 况 进 口 大 豆 盘 面 压 榨 利 润 油 脂 进 口 利 润 现 货 价 格 | 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/12/24 | 3010 | 2520 | 8270 | 8460 | 9550 | | 2025/12/25 | 3030 | 2540 | 8280 | - | 9640 | | ...