Group 1: Copper - The risk appetite sentiment continued to rise this week. Although domestic economic and financial data were poor, the stock market sentiment remained high. The downstream orders were verified to have support around 7.8, and the copper rod开工率 showed resilience at the end of the off - season. The scrap - refined substitution effect was evident. The domestic tax subsidy policy for scrap copper might be restricted. In August, a small inventory build - up was expected under full supply, but the market might focus on the tight - balance pattern after the off - season [1] Group 2: Aluminum - From January to June, aluminum ingot imports increased supply. In August, demand was in the seasonal off - season, with a possible slight improvement in the middle and late months. Aluminum product exports improved month - on - month, while photovoltaic demand declined, and overseas demand dropped significantly. An inventory build - up was expected in August. In the short - term off - season, attention should be paid to demand. In the low - inventory pattern, attention should be paid to far - month spreads and reverse arbitrage between domestic and overseas markets [1][2] Group 3: Zinc - This week, zinc prices fluctuated widely. On the supply side, domestic TC had difficulty rising, while imported TC increased. In August, smelting output increased. Overseas, the mine output in the second quarter exceeded expectations, and zinc ore imports in July were over 500,000 tons, the highest in nearly three years. On the demand side, domestic demand was seasonally weak but had some resilience; overseas, European demand was average, and some smelters had production resistance due to processing fees. Domestic social inventory increased, and overseas LME inventory decreased rapidly. In the short - term, zinc prices were expected to rebound, and it was recommended to wait and see; in the long - term, a short - position configuration was suggested. Long - short arbitrage between domestic and overseas markets could be continued, and positive spreads between months could be noted [5] Group 4: Nickel - The supply of pure nickel remained at a high level, while demand was weak overall, and the premium was stable recently. Domestic and overseas nickel plate inventories remained unchanged. In the short - term, the fundamental situation was average, and the macro - environment was mainly about anti - involution policy games. The opportunity to shrink the nickel - stainless steel price ratio could continue to be monitored [6] Group 5: Stainless Steel - On the supply side, some steel mills cut production passively, and some in the north were affected by the military parade. On the demand side, it was mainly for rigid needs, and some restocking increased due to the macro - environment. The prices of nickel iron and chrome iron remained stable. Inventories in Xifu decreased slightly, and exchange warehouse receipts remained unchanged. The fundamentals were generally weak, and short - term macro - factors followed anti - involution expectations. Attention should be paid to future policy directions [6] Group 6: Lead - This week, lead prices fluctuated. On the supply side, the scrap volume was weak year - on - year, and the supply of scrap batteries was tight. The recycling volume of recyclers was low, and the TC quotation was in a mess. On the demand side, the battery finished - product inventory was high, and the battery operating rate increased this week, but the market was not prosperous in the peak season. The refined - scrap price difference was +25, and the LME registered warehouse receipts increased by 10,000 tons. In August, primary supply was expected to increase, and recycled lead production might decrease. Demand improved slightly, but the inventory was still expected to be at a high level. Lead prices were expected to remain in a low - level fluctuation next week [8] Group 7: Tin - This week, tin prices fluctuated widely. On the supply side, the processing fee for tin ore was at a low level, and some domestic smelters cut production. Yunnan smelters would start maintenance in early September. Overseas, there were signals of production resumption in Wa State, but large - scale exports were difficult before October. African tin ore might increase in the long - term but was unstable in the short - term. There was a risk of mine inspections in Indonesia. On the demand side, the demand for solder was limited, and the terminal electronic consumption had peak - season expectations, but the photovoltaic growth rate was expected to decline. Domestic inventory decreased slightly, and overseas consumption was strong. The domestic fundamentals were in a short - term supply - demand double - weak situation. Attention should be paid to the possible supply - demand mismatch from September to October and the impact of interest - rate cut expectations on non - ferrous metals. In the short - term, it was recommended to wait and see; in the long - term, it was advisable to hold positions near the cost line when the price was low [11] Group 8: Industrial Silicon - The resumption of production in Xinjiang, Sichuan, and Yunnan was slower than expected. In August, there was a small inventory reduction. The core of supply - demand balance was the resumption rhythm of Hesheng. In the short - term, if Hesheng's eastern production remained around 40 units, the supply - demand balance would be tight. In the long - term, the industrial silicon production capacity was still in serious over - supply, and the operating rate was low, so the price would fluctuate at the cycle bottom [14] Group 9: Lithium Carbonate - This week, the futures price fluctuated greatly due to the expected production resumption of salt lakes and mica mines. On the spot side, the peak - season effect was obvious, and the downstream procurement volume increased. The core contradiction of lithium carbonate was that under the background of over - supply in the long - term, the resource side faced periodic compliance disturbances. In the current peak - season approaching, the monthly balance turned to continuous inventory reduction after the production cut of CATL's smelters, and the price elasticity was large when supply - side disturbances were hyped up [16]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - PG futures fluctuated strongly due to the rebound of spot prices and the increase in import costs. The cheapest deliverable was East China domestic gas at 4398. The basis weakened to 520 (-19), the September - October spread was -509 (-38), and the October - November spread was 80 (+0). The number of registered warehouse receipts was 12887 (-1). The external market prices strengthened slightly, and the internal - external price difference fluctuated [1]. - On Wednesday, the cheapest deliverable was East China domestic gas at 4405. FEI and CP followed crude oil and fell sharply, PP declined, and the production profit of PP made from FEI and CP strengthened. The production cost of CP was lower than that of FEI. The PG futures weakened, the September - October spread was -537 (+23), and the October - November spread was 93 (+2). The US - Far East arbitrage window was closed [1]. - Fundamentally, port supply and demand both decreased, and inventory remained basically flat. Refinery commercial volume increased by 1.94%, but due to the recovery of demand in many places, refinery inventory decreased. PDH operating rate was 75.66% (-0.67pct), and it was expected that the load of multiple units would increase next week. The alkylation operating rate was 51.42% (-0.67pct), and the operating rate was expected to increase next week. The MTBE operating rate was 63.54% (+0.15pct). The combustion off - season was gradually coming to an end. East China was the cheapest delivery area, with limited expected supply from local refineries and a decrease in expected arrivals. Although the temperature was still high on the demand side, there was an expectation of improvement, and the overall situation was expected to be stable [1] 3. Summary by Relevant Catalogs Price Data - From August 21 - 27, 2025, prices of South China LPG, East China LPG, Shandong LPG, Shandong ether - post carbon four, and Shandong alkylated oil fluctuated. For example, South China LPG prices ranged from 4490 to 4610, and East China LPG prices were around 4398 - 4405 [1]. - MB propane spot prices were around 568 - 577, CP forecast prices were around 530 - 546, and paper import profits were around 69 - 70 [1]. Spread and Basis - The 09 - 10 spread was -537 (+23) on Wednesday and -509 (-38) previously; the 10 - 11 spread was 93 (+2) on Wednesday and 80 (+0) previously. The basis weakened to 520 (-19) [1]. Warehouse Receipts - The number of registered warehouse receipts was 12887 (-1), with changes in different companies such as Qingdao Yunda (-70), Wuzhong Group (-42), Donghua (+450), and Jinneng (-339) [1]. External Market and Freight - External market prices strengthened slightly. The PG - CP spread was 22 (+0.7), the PG - FEI spread was 5 (-4.6), and the FEI - CP spread was 17 (+5.25). FEI offshore and CP on - shore discounts strengthened. The freight from the US Gulf to Japan was 145 (-3), and from the Middle East to the Far East was 80 (-6). The FEI - MOPJ spread was -46 (-5) [1]. Profit and Operating Rates - The profit of PP made from FEI and CP strengthened, and the production cost of CP was lower than that of FEI. PDH - made propylene gross profit strengthened, PDH - made PP spot profit weakened, and paper profit fluctuated. The alkylated oil production gross profit increased slightly, and the MTBE gross profit changed little [1]. - PDH operating rate was 75.66% (-0.67pct), the alkylation operating rate was 51.42% (-0.67pct), and the MTBE operating rate was 63.54% (+0.15pct) [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary According to Relevant Catalogs Futures Contracts - The prices of BU主力合约, BU06, BU09, BU12, and BU03 on August 27 were 3471, 3353, 3495, 3399, and 3372 respectively, with daily changes of -52, -42, -53, -50, and -32, and weekly changes of 18, 39, 5, 42, and 51 [4]. - 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 [4]. - The contract quantity on August 27 was 29790, unchanged from the previous day and a decrease of 1350 compared to the previous week [4]. Spot Market - The market prices of asphalt in Shandong, East China, South China, North China, and Northeast China on August 27 were 3520, 3700, 3500, 3670, and 3880 respectively, with daily changes of -20, -20, 10, -10, and 0, and weekly changes of -30, -20, -10, -10, and 0 [4]. - The prices of Jingbo (Haiyun) and Luohai (Xin Bohai) on August 27 were both 3680 and 3670 respectively, with daily changes of 0 and -10, and weekly changes of 10 and -10 [4]. Basis and Calendar Spread - The basis of Shandong, East China, and South China on August 27 were 49, 229, and 29 respectively, with daily changes of 32, 32, and 62, and weekly changes of -48, -38, and -28 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on August 27 were 19, -142, 113, and 27 respectively, with daily changes of 10, 11, -3, and -18, and weekly changes of 12, 34, -37, and -9 [4]. - The spread between consecutive contracts (连一 - 连二) on August 27 was 28, with a daily increase of 2 and a weekly decrease of 16 [4]. Crack Spread and Profit - The asphalt Brent crack spread on July 29 was -90, and on August 19 it was 16, with subsequent data unavailable [4]. - The asphalt Marrow profit on July 29 was -150, and on August 19 it was -23, with subsequent data unavailable [4]. - The comprehensive profit of ordinary refineries on July 29 was 393, and on August 19 it was 462, with subsequent data unavailable [4]. - The comprehensive profit of Marrow - type refineries on July 29 was 647, and on August 19 it was 721, with subsequent data unavailable [4]. - The import profit of South Korea - East China on August 27 was -138, with a daily decrease of 16 and a weekly decrease of 4. The import profit of Singapore - South China on August 27 was -1036, with a daily increase of 11 and a weekly increase of 7 [4]. Related Prices - The price of Brent crude oil on August 27 was 67.2, with a daily decrease of 1.6 and a weekly increase of 0.4 [4]. - The market prices of gasoline, diesel, and residual oil in Shandong on August 27 were 7599, 6474, and 3620 respectively, with daily changes of -28, -27, and -15, and weekly changes of -80, -57, and -40 [4].

Group 1: Report Summary - The report is a daily report on glass and soda ash, covering price, profit, inventory, and production and sales data from August 20 to August 28, 2025 [1][2] Group 2: Glass Market Price - The price of 5mm large - plate glass in various regions had different changes. For example, the price of 5mm large - plate glass in Shahe Security decreased by 34 from August 20 to August 27, while the price in Wuhan Changli remained unchanged [2] - FG09 contract price decreased by 12 week - on - week and increased by 1 on August 27 compared to the previous day; FG01 contract price increased by 13 week - on - week and increased by 2 on August 27 compared to the previous day [2] Profit - North China coal - fired glass profit decreased by 22 week - on - week and 7.9 on August 27 compared to the previous day; North China natural gas glass profit decreased by 26 week - on - week and 9 on August 27 compared to the previous day [2] Production and Sales - Shahe glass factory's production and sales were fair, with traders' low - price shipments at around 1104 and general sales. Hubei factories' glass was sold at around 1000 with fair transactions. The production - sales ratios in Shahe, Hubei, East China, and South China were 104, 105, 113, and 101 respectively [2] Group 3: Soda Ash Market Price - The price of heavy soda ash in Shahe remained unchanged at 1210 from August 20 to August 27, while the price of heavy soda ash in Central China decreased by 20 [2] - SA05 contract price increased by 11 week - on - week and decreased by 2 on August 27 compared to the previous day; SA01 contract price decreased by 2 week - on - week and decreased by 4 on August 27 compared to the previous day; SA09 contract price decreased by 18 week - on - week and decreased by 9 on August 27 compared to the previous day [2] Profit - North China ammonia - soda process profit increased by 7 week - on - week and 1.9 on August 27 compared to the previous day; North China combined - soda process profit increased by 8.4 week - on - week and 1.6 on August 27 compared to the previous day [2] Inventory - Soda ash factories had a slight reduction in inventory, while delivery warehouses had a slight accumulation, resulting in an overall slight reduction in inventory [2]

Group 1: Report on Iron Ore Spot Market - Newman powder price is 767, with no daily change and a weekly increase of 3; its discounted futures price is 820.5, import profit is -32.94 [1] - PB powder price is 770, with no daily change and a weekly increase of 3; its discounted futures price is 816.3, import profit is -16.86 [1] - Macfadden powder price is 757, with a daily decrease of 1 and a weekly increase of 2; its discounted futures price is 826.9, import profit is -11.31 [1] - Jinbuba powder price is 740, with a daily decrease of 2 and a weekly decrease of 1; its discounted futures price is 832.3, import profit is -7.87 [1] - Mainstream mixed powder price is 708, with a daily increase of 1 and a weekly increase of 8; its discounted futures price is 835.4, import profit is -3.59 [1] - Super special powder price is 660, with no daily change and a weekly increase of 12; its discounted futures price is 872.8, import profit is -8.07 [1] - Carajás powder price is 879, with no daily change and a weekly increase of 1; its discounted futures price is 823.0, import profit is -39.99 [1] - Brazilian blended powder price is 807, with no daily change and a weekly increase of 1; its discounted futures price is 821.1, import profit is -12.09 [1] - Brazilian coarse IOC6 price is 778, with no daily change and a weekly increase of 8 [1] - Brazilian coarse SSFG price is 783, with no daily change and a weekly increase of 8 [1] - Ukrainian concentrate price is 887, with a daily increase of 4 and a weekly increase of 14; its discounted futures price is 950.9 [1] - 61% Indian powder price is 729, with a daily decrease of 2 and a weekly decrease of 1 [1] - Karara concentrate price is 887, with a daily increase of 4 and a weekly increase of 14; its discounted futures price is 908.4 [1] - Roy Hill powder price is 740, with no daily change and a weekly increase of 3; its discounted futures price is 814.6, import profit is -10.25 [1] - KUMBA powder price is 829, with no daily change and a weekly increase of 3; its discounted futures price is 819.9 [1] - 57% Indian powder price is 605, with no daily change and a weekly increase of 12 [1] - Atlas powder price is 703, with a daily increase of 1 and a weekly increase of 8 [1] - Tangshan iron concentrate price is 983, with a daily decrease of 6 and a weekly increase of 6; its discounted futures price is 870.0 [1] Group 2: Report on Iron Ore Futures Market - i2601 contract price is 775.5, with a daily decrease of 1.0 and a weekly increase of 6.5; its monthly spread is 21.0, with a daily increase of 1.0 and a weekly decrease of 3.2 [1] - i2605 contract price is 753.5, with a daily decrease of 0.5 and a weekly increase of 6.5; its monthly spread is 22.0, with a daily increase of 0.5 and a weekly decrease of 3.2 [1] - i2509 contract price is 796.5, with a daily decrease of 0.5 and a weekly increase of 10.5; its monthly spread is -43.0, with a daily increase of 0.5 and a weekly decrease of 7.2 [1] - FE01 contract price is 101.60, with a daily decrease of 0.95 and a weekly increase of 1.11; its monthly spread is 0.73, with a daily decrease of 1.7 and a weekly decrease of 0.7 [1] - FE05 contract price is 99.19, with a daily decrease of 1.04 and a weekly increase of 1.13; its monthly spread is 2.41, with a daily increase of 0.5 and a weekly decrease of 1.9 [1] - FE09 contract price is 102.33, with a daily decrease of 0.93 and a weekly increase of 1.28; its monthly spread is -3.14, with a daily decrease of 0.8 and a weekly increase of 0.5 [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - PTA: With an increase in unexpected TA maintenance, a continuous rise in polyester operation, and relatively healthy inventory levels offering room for further load - increase, while the supply of raw material PX gradually returns, the near - term supply - demand pattern of TA is expected to continue improving. Attention should be paid to opportunities for expanding processing margins at low prices and the restart progress of Hengli Huizhou [3]. - MEG: The EG operation rate has risen to a relatively high level. Due to low short - term arrivals, port inventory is expected to remain low. The current situation is favorable with decent margins. However, in the far - month, there are expectations of inventory accumulation due to the resumption of maintenance and the commissioning of new plants. The valuation is greatly affected by the subsequent evolution of the cost side, so it should be viewed as a wide - range fluctuation. Attention should be paid to the restart progress of Satellite and Xinrun [4]. - Polyester Short Fiber: As the de - stocking speed of polyester yarn products has accelerated, the demand for restocking has emerged. Although the short - fiber operation rate remains high, there is no significant increase. With the continuation of de - stocking, attention should be paid to opportunities for expanding processing margins at low prices [4]. - Natural Rubber & 20 - grade Rubber: The national explicit inventory remains stable at a non - high absolute level but shows no seasonal de - stocking. The price of Thai cup - lump rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. 3. Summary by Product PTA - **Price and Market Changes**: From August 21 - 27, 2025, the PTA spot price and related indicators fluctuated. The PTA spot transaction had an average daily transaction basis of 2509(+20). The PTA device saw the new 160 - million - ton line of Sanfangxiang's new device start production, and Dushan Energy's 2.5 - million - ton device undergo maintenance [3]. - **Supply - Demand Analysis**: Near - end TA maintenance increased, leading to a significant decline in operation. Polyester load continued to rise, inventory decreased month - on - month, the basis strengthened slightly, and spot processing margins improved. The domestic PX operation rate increased slightly, overseas plants restarted, and the operation rate rebounded significantly. PXN strengthened month - on - month, disproportionation benefits weakened, and isomerization benefits reached a high level. The trans - shipment volume of aromatics between the US and Asia was low [3]. MEG - **Price and Market Changes**: From August 21 - 27, 2025, prices of Northeast Asian ethylene, MEG external and internal markets, and other related prices changed slightly. The MEG spot transaction had a basis of around +58 against 01. The Xinjiang Tianying's 150,000 - ton plant restarted, and Shaanxi Weihua's 300,000 - ton plant underwent maintenance [4]. - **Supply - Demand Analysis**: Near - end domestic oil - based plants restarted, coal - based operation decreased slightly, and the overall load increased. With a decline in arrivals and stable shipments during the week, port inventory decreased. Downstream stocking levels remained stable, the basis remained strong, and the profit - to - cost ratio was basically stable month - on - month [4]. Polyester Short Fiber - **Price and Market Changes**: As of August 27, 2025, the spot price was around 6589, and the market basis was around - 80 against 10 [4]. - **Supply - Demand Analysis**: Near - end plants such as Chuzhou Xingbang and Ningbo Zhuocheng increased their loads, and the operation rate slightly rose to 91.9%. Production and sales were basically stable, and inventory decreased month - on - month. On the demand side, the operation rate of polyester yarn increased, raw material stocking rose, finished product inventory continued to decrease, and margins were weak [4]. Natural Rubber & 20 - grade Rubber - **Price and Market Changes**: From August 21 - 27, 2025, prices of various rubber products such as US - dollar - denominated Thai standard rubber, Thai mixed rubber, and domestic rubber products fluctuated. There were also changes in prices of Thai glue, cup - lump rubber, and other related products [4]. - **Supply - Demand Analysis**: The national explicit inventory remained stable at a non - high absolute level but did not show seasonal de - stocking. The price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [4]. Styrene - **Price and Market Changes**: From August 21 - 27, 2025, prices of ethylene, pure benzene, styrene, and related downstream products such as EPS changed. For example, the price of pure benzene (East China) decreased by 45, and the price of styrene (Jiangsu) decreased by 85 on August 27 compared to the previous day [7]. - **Profit Analysis**: The domestic profit of styrene, EPS, PS, and other products also changed. For instance, the domestic profit of EPS increased by 80 on August 27 compared to the previous day [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The export sales of US soybeans, soybean meal, and soybean oil are expected to increase, with different expected net increases in different fiscal years [1]. - Malaysia's palm oil exports from August 1 - 25, 2025, increased by 36.41% compared to the same period last month [1]. - The average estimated yield of Canadian rapeseed is 20.3 million tons, with a forecast range of 19 - 21.2 million tons [1]. - Australia's rapeseed yield this year is expected to be between 5.8 - 7.2 million tons [1]. 3. Summary by Related Catalogs Overnight Market Information - **US Exports**: Before the USDA's weekly export sales report (scheduled for 20:30 Beijing time on Thursday), a survey of industry analysts showed that as of the week ending August 21, US soybean export sales are expected to net increase by 25 - 105 tons, with a net decrease of 20 tons to a net increase of 5 tons in the 2024 - 2025 fiscal year and a net increase of 45 - 100 tons in the 2025 - 2026 fiscal year. US soybean meal export sales are expected to net increase by 12.5 - 45 tons, with 2.5 - 15 tons in the 2024 - 2025 fiscal year and 10 - 30 tons in the 2025 - 2026 fiscal year. US soybean oil export sales are expected to net increase by 0 - 1.4 tons, with 0 - 0.8 tons in the 2024 - 2025 fiscal year and 0 - 0.6 tons in the 2025 - 2026 fiscal year [1]. - **Malaysia's Palm Oil Exports**: According to SGS, Malaysia's palm oil product exports from August 1 - 25, 2025, were 933,437 tons, a 36.41% increase from 684,308 tons in the same period last month [1]. - **Canadian Rapeseed Yield**: Canada's Statistics Bureau plans to release the estimated yield of major farm crops as of the end of July 2025 at 20:30 Beijing time on Thursday. Based on the forecasts of 6 traders and analysts, the average estimated yield of rapeseed is 20.3 million tons, with a range of 19 - 21.2 million tons, compared to 19.5 million tons reported by the Statistics Bureau in August last year [1]. - **Australian Rapeseed Yield**: Australia's ABARES estimates that the country's rapeseed yield this year will be between 5.8 - 7.2 million tons, compared to 6.1 million tons last year and a 10 - year average of 4.8 million tons [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 21 - 27, 2025, are provided [1].

1. Report Industry Investment Rating No relevant content found. 2. Core View of the Report - Short - term crude oil absolute prices are expected to remain oscillating strongly, with Brent crude oil in the range of $65 - 70. Medium - term absolute prices are expected to weaken, with prices dropping to $60 per barrel in the fourth quarter. Due to the adjustment of the European autumn maintenance expectations, the fourth - quarter European diesel crack price expectations are raised [6]. 3. Summary by Related Catalogs 3.1 Market Data - From August 21 to August 27, 2025, WTI crude oil increased by $0.90, BRENT by $0.83, and DUBAI by $0.03. Other indicators such as BRENT 1 - 2 month spread, WTI - BRENT, etc., also showed corresponding changes [3]. - During the same period, SC decreased by 16.40, OMAN increased by 1.00, and SC - BRT decreased by 3.06. Domestic gasoline prices decreased by 30.00, and domestic gasoline - BRT decreased by 75.00 [3]. - For other products like Japanese naphtha, Singapore fuel oil, etc., there were also significant price and spread changes during this period [3]. 3.2 Daily News - The White House trade advisor Navarro said that if India stops buying Russian oil, it can get a 25% tariff discount [3]. - The Mexican DOS BOCAS refinery stopped production due to a power outage and will try to restart on Thursday [3]. - European countries may start the UN procedure to re - impose sanctions on Iran on Thursday, and there is room for further diplomatic negotiations in the next few weeks [3]. - Affected by the Ukrainian attack and US tariff policies, Russian crude oil exports fell to a four - week low. In the week ending August 24, Russian port weekly crude oil shipments decreased by 320,000 barrels per day to 2.72 million barrels per day [4]. - Goldman Sachs expects Brent crude oil prices to fall to just over $50 by the end of 2026 due to an expanding oil surplus next year [4]. 3.3 Regional Fundamentals - In the week of August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day [5]. - US commercial crude oil inventories (excluding strategic reserves) decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The four - week average supply of US crude oil products was 21.093 million barrels per day, a year - on - year increase of 3.34% [5]. - US strategic petroleum reserve (SPR) inventories increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06%. US commercial crude oil imports (excluding strategic reserves) were 6.497 million barrels per day, a decrease of 423,000 barrels per day from the previous week [5]. - From August 15 to 22, the main refinery operating rate decreased month - on - month, the Shandong local refinery operating rate increased slightly. Chinese refinery weekly production of gasoline and diesel both decreased, gasoline inventory decreased, and diesel inventory increased. The comprehensive profit of main refineries and local refineries decreased month - on - month [5]. 3.4 Weekly View - This week, oil prices oscillated narrowly, and the absolute price rebounded slightly on Friday. At the end of the summer peak oil demand season, the inflection point of the crude oil fundamentals has emerged. The South American supply has been realized, and the market is concerned about the Russia - Ukraine negotiations and the implementation of US "punishment" measures on India's purchase of Russian oil [6]. - India said on August 21 that it would continue to buy Russian oil, eliminating the embargo risk, but there is still uncertainty in trade frictions. The US issued a new round of sanctions against Iran on Thursday, which had a greater potential impact, and then the Dubai market month - spread strengthened [6]. - In terms of the macro - aspect, the expectation of a US interest rate cut in September has increased, and the macro - sentiment is positive, supporting the absolute price. Fundamentally, the global oil inventory has slightly decreased, the US commercial inventory has decreased, gasoline inventory has decreased, and diesel inventory has increased. This week, the refining profits of European and American refineries have strengthened, and the gasoline and diesel cracks have strengthened [6]. - Currently, refineries are at the peak of operation. The latest estimate is that global refinery maintenance in October will exceed previous years' levels (in Europe and Africa), and the crude oil month - spread is expected to be under pressure [6].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Corn is expected to maintain a weak and volatile pattern in the short - term and face downward pressure in the long - term due to new season supply and cost factors [2] - Starch price is expected to remain bearish in the long - term due to high inventory and expected lower raw material costs [3] - International sugar price is under pressure from Brazilian supply, and domestic sugar has upward pressure on the futures price [4] - Cotton price is in a consolidation phase, and its downward space is limited. Attention should be paid to demand changes [6] - Egg price rebound was slow in August due to supply - demand imbalance, and attention should be paid to old chicken culling and cold - storage egg release [13] - Apple production in the new season may not differ much from last year. Consumption is in the off - season, and attention should be paid to the final production [16] - Pig price has short - term improvement expectations due to supply reduction and consumption increase, and attention should be paid to various influencing factors [16] Group 3: Summary by Commodity Corn/Starch - **Price and Margin Data**: In the week from August 21 - 27, corn prices in different regions remained mostly stable, with a 6 - point decrease in the basis; starch prices in Heilongjiang and Shandong decreased, and the processing margin decreased by 2 [2] - **Market Analysis**: In the short - term, corn auction transactions are light, new season corn is about to be listed, and the price is expected to be weakly volatile. In the long - term, it will face downward pressure. Starch price is affected by raw materials, with high inventory and a bearish outlook [2][3] Sugar - **Price and Margin Data**: From August 21 - 27, sugar spot prices in Liuzhou, Nanning, and Kunming decreased, the basis increased by 2, and the import margin decreased by 27. The number of warehouse receipts decreased by 409 [4] - **Market Analysis**: International sugar price is under pressure from Brazilian supply, and domestic sugar price is affected by imported sugar arrivals and has upward pressure on the futures price [4] Cotton/Cotton Yarn - **Price and Margin Data**: From August 21 - 27, the price of 3128 cotton decreased by 25, the price of imported M - grade US cotton decreased by 1, the import margin increased by 8, and the 32S spinning margin increased by 27 [6] - **Market Analysis**: Cotton price is in a consolidation phase, and its downward space is limited. Attention should be paid to demand changes [6] Eggs - **Price and Margin Data**: From August 21 - 27, egg prices in major production areas increased, and the basis increased by 116 [12] - **Market Analysis**: Egg price rebounded slowly in August due to supply - demand imbalance, and attention should be paid to old chicken culling and cold - storage egg release [13] Apples - **Price and Inventory Data**: From August 21 - 27, the price of Shandong 80 first - and second - grade apples remained stable, and the national inventory decreased by 108, with a 68 decrease in Shandong and a 154 decrease in Shaanxi [15][16] - **Market Analysis**: Apple production in the new season may not differ much from last year. Consumption is in the off - season, and attention should be paid to the final production [16] Pigs - **Price and Margin Data**: From August 21 - 27, pig prices in different regions had minor changes, and the basis increased by 165 [16] - **Market Analysis**: Pig price has short - term improvement expectations due to supply reduction and consumption increase, and attention should be paid to various influencing factors [16]

Report Overview - The report is a scrap steel morning report released by the Black Team of the Research Center on August 28, 2025 [1][2] Core Data - Scrap steel prices in different regions from August 21 - 27, 2025: In East China, prices were 2241 on August 21, 2241 on August 22, 2247 on August 25, 2249 on August 26, and 2250 on August 27; in North China, prices were 2328, 2328, 2330, 2334, and 2333 respectively; in Central China, prices were 2061, 2060, 2061, 2067, and 2069; in South China, prices were 2242, 2243, 2270, 2266, and 2266; in Northeast China, prices were 2281, 2281, 2279, 2285, and 2285; in Southwest China, prices were 2151, 2152, 2173, 2174, and 2175 [2] - The price changes from August 26 - 27, 2025 (month - on - month) were 1 in East China, - 1 in North China, 2 in Central China, 0 in South China, 0 in Northeast China, and 1 in Southwest China [2][8]