Group 1: SP Main Contract Information - The closing price of the SP main contract on August 26, 2025, was 5070.00 [3] - The closing prices of the SP main contract on August 25, 22, 21, and 20, 2025, were 5136.00, 5108.00, 5130.00, and 5136.00 respectively [3] - The corresponding US - dollar prices on these dates were 617.80, 626.87, 620.90, 623.85, and 624.46 respectively [3] - The daily price changes were - 1.28505%, 0.54816%, - 0.42885%, - 0.11682%, and - 0.81112% respectively [3] - The Shandong Yinxing basis on August 26, 2025, was 720, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 755 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian pulp brands (Jinshi and Xiongshi) and Chilean Yinxing pulp, the port US - dollar prices, Shandong - region RMB prices, and import profits are as follows: Jinshi (CFR, port US - dollar price 780, Shandong - region RMB price 6350, import profit - 30.82); Xiongshi (CFR, port US - dollar price 730, Shandong - region RMB price 5500, import profit - 476.28); Yinxing (CFR letter of credit 90 days, port US - dollar price 720, Shandong - region RMB price 5790, import profit - 105.38) [4] Group 3: Pulp Price Averages - From August 20 to 26, 2025, the national average prices of softwood pulp, hardwood pulp, natural - color pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively; the Shandong - region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Product Indexes and Margins - From August 21 to 26, 2025, the cultural - paper indexes (double - offset index, double - copper index), packaging - paper index (white - card index), and living - paper index remained unchanged at 5725, 5670, 4350, and 828 respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on August 26, 2025, were 3.9691%, 21.2646%, - 13.3827%, and 7.6807% respectively, with a change of 0.0000, 0.0000, 0.0000, and - 0.0764 respectively compared to previous data [4] Group 5: Pulp Price Spreads - On August 26, 2025, the price spreads between softwood and hardwood pulp, softwood and natural - color pulp, softwood and chemimechanical pulp, and softwood and waste - paper pulp were 1615.00, 390, 1965, and 4214 respectively [4]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/08/27 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/08/20 | 3240 | 3270 | 3330 | 3250 | 3290 | 3310 | | 2025/08/21 | 3240 | 3320 | 3330 | 3250 | 3290 | 3310 | | 2025/08/22 | 3220 | 3270 | 3330 | 3250 | 3290 | 3310 | | 2025/08/25 | 3270 | 3320 | 3390 | 3290 | 3320 | 3360 | | 2025/08/26 | 3220 | 3290 | 3330 | 3240 | 3330 | 3330 | | 变化 | -50 | -30 | -60 | -50 | 10 | -30 | | 日期 | 天津热卷 ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - For methanol, port inventory has significantly accumulated, with high imports and high actual inventory. Inland supply is expected to return, and traditional demand will enter the peak season later. Attention should be paid to whether demand can support after the return of inland supply. If inventory deteriorates significantly, methanol is expected to see a valuation decline [1]. - For polyethylene, the inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries are destocking, social inventory is flat, and downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. Import profit is around - 200 with no further increase for now. Non - standard HD injection prices are stable, and other price differentials are fluctuating. The number of September overhauls is flat month - on - month, and the recent domestic linear production has decreased month - on - month. Attention should be paid to LL - HD conversion and US quotes, as well as the commissioning of new plants in 2025 [6]. - For polypropylene, the upstream and mid - stream of polypropylene are destocking. In terms of valuation, the basis is - 60, non - standard price differentials are neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price differentials are neutral. PDH profit is around - 400, propylene is fluctuating, and powder production starts are stable. The supply is expected to increase slightly month - on - month, and downstream orders are currently average, with neutral raw material and finished - product inventories. Under the background of over - capacity, the pressure on the 01 contract is moderately excessive. If exports continue to increase or there are many PDH plant overhauls, the supply pressure can be alleviated to a neutral level [6]. - For PVC, the basis remains at 01 - 270, and the factory - pickup basis is - 480. Downstream开工率 is seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. Northwest plants are seasonally overhauled in summer, and the load center is between the spring overhaul and the high production in Q1. Attention should be paid to the commissioning and export sustainability in Q4. Recent export orders have slightly declined. Coal sentiment is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC overhauls. The FOB counter - offer for caustic soda exports is 380. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, downstream performance is average, and the macro situation is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工率 [6]. 3) Summaries by Related Catalogs Methanol - **Price Data**: From August 20 to August 26, 2025, the power coal futures price remained at 801. The prices of Jiangsu and South China spot, and other regional prices had certain fluctuations. The daily change on August 26 showed a 0 change in power coal futures, - 27 in Jiangsu spot, - 5 in South China spot, etc [1]. - **Inventory and Market Situation**: Port inventory has significantly accumulated, with high imports and high actual inventory. Inland supply is expected to return, and traditional demand will enter the peak season later [1]. Polyethylene - **Price Data**: From August 20 to August 26, 2025, the price of Northeast Asian ethylene remained at 830 on some days and then increased to 840. The prices of North China LL, East China LL, etc. had certain increases. The daily change on August 26 showed a 0 change in Northeast Asian ethylene, 20 in North China LL, 25 in East China LL, etc [6]. - **Inventory and Market Situation**: The inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries are destocking, social inventory is flat, and downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. Import profit is around - 200 with no further increase for now [6]. Polypropylene - **Price Data**: From August 20 to August 26, 2025, the price of Shandong propylene changed from 6380 to 6450, and other prices also had certain fluctuations. The daily change on August 26 showed a 30 increase in Shandong propylene, 0 in Northeast Asian propylene, etc [6]. - **Inventory and Market Situation**: The upstream and mid - stream of polypropylene are destocking. In terms of valuation, the basis is - 60, non - standard price differentials are neutral, and the import profit is around - 700. Exports have been good this year [6]. PVC - **Price Data**: From August 20 to August 26, 2025, the price of Northwest calcium carbide increased from 2200 to 2350, and other prices had certain changes. The daily change on August 26 showed a 50 increase in Northwest calcium carbide, 0 in Shandong caustic soda, etc [6]. - **Inventory and Market Situation**: The basis remains at 01 - 270, and the factory - pickup basis is - 480. Downstream开工率 is seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. The comprehensive profit of PVC is - 100 [6].

Report Industry Investment Rating - Not provided Core View - Not provided Summary by Relevant Catalogs Price Performance - London Gold's latest price is 3367.10, while London Silver's is 38.42, WTI Crude Oil's is 63.25, and LME Copper's is 9805.00. WTI Crude Oil decreased by 1.55, and LME Copper decreased by 4.00 [1] - The latest Dollar Index is 98.24, down 0.19; the latest Euro to Dollar exchange rate is 1.16, unchanged; the latest Pound to Dollar exchange rate is 1.35, unchanged; the latest Dollar to Yen exchange rate is 147.43, down 0.31 [1] Trading Data - COMEX Silver inventory data is not provided; SHFE Silver inventory is 1127.33, an increase of 13.69; Gold ETF holdings are 959.92, an increase of 1.43; Silver ETF holdings are 15274.70, a decrease of 14.12 [2] - SGE Silver deferred - fee payment direction is 1, unchanged; SGE Gold deferred - fee payment direction is 2, an increase of 1.00 [2]

Global Asset Market Performance - The 10-year government bond yields of major economies on August 26, 2025, showed various values and changes. For example, the US was 4.262 with a latest change of -0.014, a one - week change of -0.045, a one - month change of -0.059, and a one - year change of 0.378 [2]. - The 2 - year government bond yields also had different figures. The US 2 - year yield on August 26, 2025, was 3.680 with a latest change of -0.110, a one - week change of -0.070, a one - month change of -0.080, and a one - year change of -0.260 [2]. - The exchange rates of the US dollar against major emerging economies' currencies on August 26, 2025, had different changes. For the Brazilian real, the latest change was 0.37% and the one - week change was -1.34% [2]. - Major economies' stock indices had different performances on August 26, 2025. The S&P 500 closed at 6465.940 with a latest change of 0.41%, a one - week change of 0.85%, a one - month change of 1.49%, and a one - year change of 16.41% [2]. - Credit bond indices showed different changes. The US investment - grade credit bond index had a latest change of 0.04%, a one - week change of 0.25%, a one - month change of 0.86%, and a one - year change of 4.11% [2][3]. Stock Index Futures Trading Data - Index performances: A - shares closed at 3868.38 with a decline of 0.39%. The PE (TTM) of the S&P 500 was 27.49 with a环比 change of 0.11 [4]. - Fund flows: The latest value of A - share fund flow was -952.90, and the near 5 - day mean was -305.08 [4]. - Transaction amounts: The latest value of the Shanghai and Shenzhen stock exchanges' transaction amount was 26790.20 with a环比 change of -4621.17 [4]. - Main contract basis and spreads: The basis of IF was -3.59 with a spread of -0.08% [4]. Treasury Bond Futures Trading Data - Treasury bond futures: T00 closed at 108.185 with a rise of 0.21%, and TF00 closed at 105.620 with a rise of 0.11% [5]. - Fund rates: R001 was 1.3596% with a daily change of -20.00 BP [5].

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 702.0 0.0 0.0 51.0 -138.0 25省终端可用天数 19.2 -0.3 -0.7 -1.7 1.6 秦皇岛5000 626.0 -3.0 -7.0 40.0 -109.0 25省终端供煤 615.3 1.4 6.8 -24.7 -7.5 广州港5500 765.0 0.0 0.0 35.0 -135.0 北方港库存 2037.0 19.0 -17.0 -290.0 -188.0 鄂尔多斯5500 475.0 0.0 -15.0 50.0 -135.0 北方锚地船舶 78.0 8.0 -1.0 -28.0 -10.0 大同5500 530.0 0.0 -30.0 30.0 -160.0 北方港调入量 153.0 -3.6 -4.1 10.0 -26.6 榆林6000 602.0 0.0 -20.0 30.0 -176.0 北方港吞吐量 143.8 -9.7 -11.4 -3.3 -34.6 榆林6200 630.0 0.0 -20.0 30.0 -174.0 CBCFI海运指数 771.0 -19.9 ...

Group 1: Price Data and Changes - The price data of LPG in different regions and related indicators from August 20 to August 26, 2025 are presented, including prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. [1] - On August 26, compared with the previous day, the daily changes are as follows: South China LPG +25, East China LPG 0, Shandong LPG 0, propane CFR South China 0, propane CIF Japan -10, MB propane spot -1, CP forecast contract price 0, Shandong ether - post - carbon four +40, Shandong alkylation oil 0, paper import profit +25, and the main basis +12 [1] Group 2: Market Conditions and Trends - The PG futures market fluctuated and strengthened. The spot price bottomed out and rebounded, and the import cost increased. The cheapest deliverable was East China civil gas. The basis weakened, and the month - spreads changed. The warehouse receipt registration volume decreased slightly [1] - The external market prices strengthened slightly. The internal - external price difference fluctuated. The FEI - CP spread widened, and the FEI offshore and CP to - shore discounts strengthened. The shipping freight rates from the US Gulf to Japan and the Middle East to the Far East decreased [1] - The naphtha crack spread strengthened slightly. The profit of PDH to produce propylene increased, the spot profit of PDH to produce PP decreased, and the paper profit fluctuated. The production profit of alkylation oil increased slightly, and the MTBE profit changed little [1] Group 3: Fundamental Analysis - From a fundamental perspective, port supply and demand both decreased, and inventory was basically flat. The refinery commercial volume increased by 1.94%, but due to the recovery of demand in many places, the refinery inventory decreased [1] - The PDH operating rate was 75.66% (-0.67pct), and it is expected that multiple units will increase their loads next week. The alkylation operating rate was 51.42% (-0.67pct) and is expected to increase. The MTBE operating rate was 63.54% (+0.15pct) [1] - As the temperature begins to drop, the off - season for combustion is gradually ending. In East China, the supply from refineries is expected to be limited, and the arrival of ships is expected to decrease. Although the demand is still affected by high temperature, there are expectations of improvement, and the overall situation is expected to be stable [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary by Related Catalogs Glass Price and Contract Information - From August 19 to August 26, 2025, the price of 5mm glass in various regions showed different trends. For example, the price of 5mm glass at Shahe Anquan decreased from 1164.0 to 1130.0, a weekly change of -34.0 and a daily change of -13.0 [2]. - The FG09 contract price dropped from 1020.0 to 984.0, with a weekly change of -36.0 and a daily change of -15.0; the FG01 contract price decreased from 1196.0 to 1173.0, with a weekly change of -23.0 and a daily change of -18.0 [2]. Production and Sales - The production and sales of glass in different regions varied. Shahe had a production - sales ratio of 108, Hubei 125, East China 112, and South China 98 [2]. Profit - The profit of glass production also changed. For example, the profit of North China's coal - fired glass decreased from 228.8 to 214.4, a weekly change of -14.4 and a daily change of 7.1; the profit of North China's natural - gas glass decreased from -223.5 to -240.1, a weekly change of -16.6 and a daily change of 4.2 [2]. Soda Ash Price and Contract Information - From August 19 to August 26, 2025, the price of heavy soda ash in different regions changed. The price of heavy soda ash in Shahe decreased from 1240.0 to 1210.0, a weekly change of -30.0 and a daily change of -20.0; the price of heavy soda ash in Central China decreased from 1240.0 to 1200.0, a weekly change of -40.0 and a daily change of -20.0 [2]. - The SA05 contract price dropped from 1413.0 to 1377.0, with a weekly change of -36.0 and a daily change of -16.0; the SA01 contract price decreased from 1358.0 to 1311.0, with a weekly change of -47.0 and a daily change of -26.0; the SA09 contract price decreased from 1245.0 to 1200.0, with a weekly change of -45.0 and a daily change of -26.0 [2]. Industry Situation - The soda ash industry showed a slight reduction in factory inventory [2].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Views - Brazil's soybean exports in August are expected to be 8.9 million tons, down from the previous week's estimate of 8.94 million tons, and its soybean meal exports are expected to be 2.13 million tons, down from the previous week's estimate of 2.33 million tons [1]. - From August 1 - 25, 2025, Malaysia's palm oil production decreased by 1.21% month - on - month, with a 3.26% drop in fresh fruit bunch yield and a 0.40% increase in oil extraction rate [1]. 3) Summary by Related Catalogs Overnight Market Information - Brazil's soybean export estimate for August is 8.9 million tons [1]. - Brazil's soybean meal export estimate for August is 2.13 million tons [1]. - Malaysia's palm oil production from August 1 - 25, 2025 decreased by 1.21% month - on - month [1]. Spot Prices - The spot prices of various products (including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from August 20 - 26, 2025 are presented in a table [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given content. 2. Report's Core View The report presents the latest prices, daily and weekly changes, and other relevant data for various types of iron ore, including Australian mainstream and non - mainstream ores, Brazilian mainstream ores, and domestic ores, as well as iron ore futures contracts [1]. 3. Summary by Category Spot Market - **Australian Ores**: Newman powder is priced at 767, with a daily change of - 9 and a weekly change of 2; PB powder is at 770, - 10 daily and 2 weekly; Macarthur powder is 758, - 8 daily and 3 weekly; etc [1]. - **Brazilian Ores**: Ba Hun is priced at 807, with a daily change of - 5 and a weekly change of - 2; Ba Coarse IOC6 is 778, - 10 daily and 18 weekly; Ba Coarse SSFG is 783, - 10 daily and 18 weekly [1]. - **Other Ores**: Ukrainian concentrate is 883, - 7 daily and 10 weekly; 61% Indian powder is 731, - 10 daily and 1 weekly; Tangshan iron concentrate is 989, 0 daily and 12 weekly [1]. Futures Market - **DCE Contracts**: i2601 is priced at 776.5, with a daily change of - 10.5 and a weekly change of 5.5; i2605 is 754.0, - 9.0 daily and 4.5 weekly; i2509 is 797.0, - 9.5 daily and 8.0 weekly [1]. - **SGX Contracts**: FE01 is 102.55, with a daily change of 2.71 and a weekly change of 2.01; FE05 is 100.23, 2.68 daily and 2.12 weekly; FE09 is 103.26, 2.67 daily and 1.83 weekly [1].