Report Overview - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 27, 2025 [3] Report Industry Investment Rating - Not provided in the given content Report's Core View - Not provided in the given content Summary According to Relevant Catalogs BR (Butadiene Rubber) - **Price and Volume Indicators**: On August 26, the closing price of the main contract was 11,845, down 165 from the previous day and up 5 week - on - week; the position volume was 43,120, down 3,582 from the previous day and up 7,340 week - on - week; the trading volume was 112,447, down 42,957 from the previous day and up 10,506 week - on - week; the warrant quantity was 12,470, unchanged from the previous day and up 250 week - on - week; the long - short ratio was 17.29, down 1 from the previous day and up 3 week - on - week [4]. - **Basis and Spread**: The butadiene rubber basis was 105, up 215 from the previous day; the 8 - 9 month spread was 175, up 155 from the previous day and up 80 week - on - week; the 9 - 10 month spread was - 15, up 10 from the previous day and down 5 week - on - week [4]. - **Market Prices**: The Shandong market price was 11,950, up 50 from the previous day and up 200 week - on - week; the Transfar market price was 11,850, up 100 from the previous day and up 100 week - on - week; the Qilu ex - factory price was 12,100, up 200 from the previous day and up 200 week - on - week [4]. - **Processing and Import - Export Profits**: The spot processing profit was 0, down 1 from the previous day and up 98 week - on - week; the disk processing profit was - 96, down 216 from the previous day and down 97 week - on - week; the import profit was - 86,340, down 1,375 from the previous day and down 1,022 week - on - week; the export profit was - 499, up 116 from the previous day and down 36 week - on - week [4]. BD (Butadiene) - **Market Prices**: The Shandong market price was 9,550, up 50 from the previous day and up 100 week - on - week; the Jiangsu market price was 9,500, up 50 from the previous day and up 150 week - on - week; the Yangzi ex - factory price was 9,500, up 100 from the previous day and up 100 week - on - week; the CFR China price was 1,095, unchanged from the previous day and up 15 week - on - week [4]. - **Processing and Import - Export Profits**: The carbon four extraction profit was not available; the butene oxidative dehydrogenation profit was 406, up 50 from the previous day and up 150 week - on - week; the import profit was 501, up 67 from the previous day and up 64 week - on - week; the export profit was - 1,192, down 28 from the previous day and down 88 week - on - week [4]. Downstream Profits - The butadiene rubber production profit was - 96, down 216 from the previous day and down 97 week - on - week; the styrene - butadiene rubber production profit was 1,063, up 125 from the previous day and up 125 week - on - week; the ABS production profit was not available; the SBS (791 - H) production profit was 1,075, down 70 from the previous day and down 70 week - on - week [4]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 27,235, up 3,592 from the previous day and down 7,330 week - on - week; the NR - BR spread was - 30,330, up 3,590 from the previous day and down 7,240 week - on - week; the Thai mixed - butadiene rubber spread was 2,850, down 100 from the previous day and down 50 week - on - week; the 3L - styrene - butadiene rubber spread was 2,600, down 150 from the previous day and up 50 week - on - week [4]. - **Intra - Variety Spreads**: The butadiene rubber standard - non - standard price spread was 250, unchanged from the previous day and up 100 week - on - week; the styrene - butadiene rubber 1502 - 1712 spread was 1,020, down 50 from the previous day and down 50 week - on - week [4].

Group 1: Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 26, 2025 [2] Group 2: SP Main Contract Information - The closing price of the SP main contract on August 25, 2025, was 5136.00 [3] - Compared with the previous day, the price increased by 0.54816% [3] - The converted US dollar price was 626.87 [3] Group 3: Basis Information - The basis of Shandong Yinxing on August 25, 2025, was 654 [3] - The basis of Jiangsu, Zhejiang and Shanghai Yinxing on August 25, 2025, was 689 [3] Group 4: Import Profit Information - Calculated with a 13% VAT, the import profit of Canadian Golden Lion was -22.01, the import profit of Canadian Lion was -468.04, and the import profit of Chilean Yinxing was -97.24 [4] Group 5: Pulp Price Information - From August 19 to August 25, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemi - mechanical pulp remained unchanged [4] - The average prices in Shandong region of these four types of pulp also remained unchanged during the same period [4] Group 6: Paper Index and Profit Margin Information - From August 20 to August 25, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged [4] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed during this period, with changes of -1.1921, -1.6711, -0.1481, and 0.0000 respectively [4] Group 7: Pulp Price Difference Information - On August 25, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemi - mechanical pulp, and softwood and waste paper pulp were 1630.00, 390, 1965, and 4214 respectively [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report comprehensively presents the performance of global asset markets on August 25, 2025, including the yields of 10 - year and 2 - year government bonds of major economies, exchange rates of the US dollar against major emerging - economy currencies, stock indices of major economies, stock index futures trading data, government bond futures trading data, and money market conditions [2][3][4] 3. Summary by Relevant Catalogs Global Asset Market Performance - **Government Bond Yields**: - **10 - year government bonds**: Yields and their changes (latest, weekly, monthly, and yearly) of 10 - year government bonds in major economies such as the US, UK, France, etc. are presented. For example, the US 10 - year government bond yield on August 25, 2025, was 4.276, with a latest change of 0.021, a weekly change of - 0.058, a monthly change of - 0.136, and a yearly change of 0.362 [2] - **2 - year government bonds**: Yields and their changes of 2 - year government bonds in major economies like the US, UK, Germany, etc. are provided. For instance, the US 2 - year government bond yield on August 25, 2025, was 3.790, with a latest change of 0.050, a weekly change of 0.050, a monthly change of 0.070, and a yearly change of - 0.140 [2] - **Exchange Rates**: - **US dollar against emerging - economy currencies**: Exchange rates and their percentage changes of the US dollar against currencies of emerging economies such as Brazil, Russia, South Africa, etc. are shown. For example, the US dollar - Brazilian real exchange rate on August 25, 2025, was 5.412, with a latest change of - 0.26%, a weekly change of - 0.45%, a monthly change of - 3.17%, and a yearly change of - 1.31% [2] - **Renminbi**: Exchange rates and their percentage changes of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are presented. For example, the on - shore RMB exchange rate on August 25, 2025, was 7.154, with a latest change of - 0.19%, a weekly change of - 0.44%, a monthly change of - 0.35%, and a yearly change of - 0.29% [2] - **Stock Indices**: - **Major economies**: Stock indices and their percentage changes of major economies such as the US (S&P 500, Dow Jones, Nasdaq), UK, France, etc. are given. For example, the S&P 500 index on August 25, 2025, was 6439.320, with a latest change of - 0.43%, a weekly change of - 0.15%, a monthly change of 0.78%, and a yearly change of 16.17% [2] - **Emerging economies**: Stock indices and their percentage changes of emerging economies such as Russia, Japan, Hong Kong, etc. are provided. For example, the Hang Seng Index on August 25, 2025, was 25829.910, with a latest change of 1.94%, a weekly change of 2.59%, a monthly change of 1.05%, and a yearly change of 50.97% [2] - **Credit Bond Indices**: - Yields and their percentage changes of investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies are presented. For example, the US investment - grade credit bond index on August 25, 2025, was 3463.860, with a latest change of - 0.08%, a weekly change of 0.37%, a monthly change of 1.36%, and a yearly change of 4.30% [2] Stock Index Futures Trading Data - **Index Performance**: Closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are provided. For example, the closing price of A - shares was 3883.56, with a percentage change of 1.51% [3] - **Valuation**: PE(TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. For example, the PE(TTM) of CSI 300 was 13.97, with a环比 change of 0.00 [3] - **Risk Premium**: 1/PE - 10 - year interest rate and their环比 changes of S&P 500 and German DAX are given. For example, the 1/PE - 10 - year interest rate of S&P 500 was - 0.62, with a环比 change of - 0.01 [3] - **Fund Flow**: Latest values and 5 - day average values of fund flows in A - shares, main board, SME board, ChiNext, and CSI 300 are provided. For example, the latest value of A - share fund flow was - 177.24, and the 5 - day average value was - 340.99 [3] - **Trading Volume**: Latest values and环比 changes of trading volumes in Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are presented. For example, the latest trading volume of Shanghai and Shenzhen stock markets was 31411.37, with a环比 change of 5944.27 [3] - **Main Contract Premium/Discount**: Basis and percentage basis of IF, IH, and IC are given. For example, the basis of IF was 5.38, with a percentage basis of 0.12% [3] Government Bond Futures Trading Data - Closing prices and percentage changes of government bond futures T00, TF00, T01, and TF01 are provided. For example, the closing price of T00 was 108.145, with a percentage change of 0.00% [4] - **Money Market**: - **Funding Rates**: R001, R007, and SHIBOR - 3M and their daily changes (in basis points) are presented. For example, R001 was 1.3901%, with a daily change of - 9.00 basis points [4] - **Big - Category Asset Morning Report**: Values and percentage changes of big - category assets on August 25, 2025, are provided. For example, the value was 1602.450, with a latest change of 0.31% [7]

Report Information - Report Title: Methanol Polyolefin Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: August 26, 2025 [1] Industry Investment Rating - Not provided in the content Core Views - For methanol, port inventory has significantly accumulated, imports are high, and the current inventory is high. The supply in the inland area is expected to return, and the traditional demand will enter the peak season later. Attention should be paid to whether the demand can support after the inland supply returns. If the inventory deteriorates significantly, methanol is expected to see a valuation correction [2] - For polyethylene, the inventory of the two major oil companies is neutral year-on-year. The upstream of the two major oil companies has accumulated inventory, while the coal chemical industry has reduced inventory. The downstream inventory of raw materials and finished products is neutral. The overall inventory is neutral. The basis of 09 contract is around -150 in North China and -100 in East China. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around -100, with no further increase for the time being. The price of non-standard HD injection molding is stable, other price spreads are fluctuating, and LD is weakening. The number of maintenance in August has decreased month-on-month, and the domestic linear production has increased month-on-month. Attention should be paid to the LL-HD conversion situation and the US quotation. The pressure from new devices in 2025 is significant, and attention should be paid to the commissioning of new devices [5] - For polypropylene, the upstream of the two major oil companies has accumulated inventory, while the middle stream has reduced inventory. In terms of valuation, the basis is -60, the non-standard price spread is neutral, and the import profit is around -800. Exports have been performing well this year. The non-standard price spread is neutral. The markets in Europe and America are stable. The PDH profit is around -200, propylene is fluctuating, and the powder production start-up is stable. The拉丝 production scheduling is neutral. The supply in June is expected to increase slightly month-on-month. The current downstream orders are average, and the inventory of raw materials and finished products is neutral. Under the background of overcapacity, the pressure on the 09 contract is expected to be moderately excessive. If exports continue to increase significantly or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [5] - For PVC, the basis remains at 01 - 270, and the factory pickup basis is -480. The downstream start-up is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory of the middle and upstream has been continuously accumulating. The northwest devices are seasonally under maintenance in summer, and the load center is between the spring maintenance and the high production in Q1. Attention should be paid to the commissioning and export sustainability in Q4. The recent export orders have slightly declined. The sentiment in the coal market is positive, the cost of semi-coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The counter-offer for caustic soda exports is FOB380. Attention should be paid to whether the subsequent export orders can support the high price of caustic soda. The comprehensive profit of PVC is -100. Currently, the contradiction in static inventory is accumulating slowly, the cost is stable, the downstream performance is average, and the macro situation is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start-up [5] Summary by Product Methanol - **Price and Inventory Data**: From August 19 to August 25, 2025, the price of动力煤期货 remained at 801. The prices of Jiangsu and South China spot increased by 5, and the price of Lunan converted to the futures price increased by 15. The port inventory has significantly accumulated, imports are high, and the current inventory is high. The supply in the inland area is expected to return [2] - **Viewpoint**: Attention should be paid to whether the demand can support after the inland supply returns. If the inventory deteriorates significantly, methanol is expected to see a valuation correction [2] Polyethylene - **Price and Inventory Data**: From August 19 to August 25, 2025, the price of Northeast Asia ethylene remained at 830. The prices of North China LL and East China LL increased by 20 and 10 respectively, and the price of East China LD increased by 75. The inventory of the two major oil companies is neutral year-on-year, the upstream of the two major oil companies has accumulated inventory, while the coal chemical industry has reduced inventory. The downstream inventory of raw materials and finished products is neutral [5] - **Viewpoint**: The overall inventory is neutral. The basis of 09 contract is around -150 in North China and -100 in East China. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around -100, with no further increase for the time being. The price of non-standard HD injection molding is stable, other price spreads are fluctuating, and LD is weakening. The number of maintenance in August has decreased month-on-month, and the domestic linear production has increased month-on-month. Attention should be paid to the LL-HD conversion situation and the US quotation. The pressure from new devices in 2025 is significant, and attention should be paid to the commissioning of new devices [5] Polypropylene - **Price and Inventory Data**: From August 19 to August 25, 2025, the price of Shandong propylene decreased by 80, and the price of East China PP increased by 20. The upstream of the two major oil companies has accumulated inventory, while the middle stream has reduced inventory [5] - **Viewpoint**: In terms of valuation, the basis is -60, the non-standard price spread is neutral, and the import profit is around -800. Exports have been performing well this year. The non-standard price spread is neutral. The markets in Europe and America are stable. The PDH profit is around -200, propylene is fluctuating, and the powder production start-up is stable. The拉丝 production scheduling is neutral. The supply in June is expected to increase slightly month-on-month. The current downstream orders are average, and the inventory of raw materials and finished products is neutral. Under the background of overcapacity, the pressure on the 09 contract is expected to be moderately excessive. If exports continue to increase significantly or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [5] PVC - **Price and Inventory Data**: From August 19 to August 25, 2025, the price of Northwest calcium carbide increased by 50, and the price of Shandong caustic soda increased by 10. The price of calcium carbide method in East China increased by 30. The basis remains at 01 - 270, and the factory pickup basis is -480. The downstream start-up is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory of the middle and upstream has been continuously accumulating [5] - **Viewpoint**: The northwest devices are seasonally under maintenance in summer, and the load center is between the spring maintenance and the high production in Q1. Attention should be paid to the commissioning and export sustainability in Q4. The recent export orders have slightly declined. The sentiment in the coal market is positive, the cost of semi-coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The counter-offer for caustic soda exports is FOB380. Attention should be paid to whether the subsequent export orders can support the high price of caustic soda. The comprehensive profit of PVC is -100. Currently, the contradiction in static inventory is accumulating slowly, the cost is stable, the downstream performance is average, and the macro situation is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start-up [5]

Group 1: Price Performance - The latest price of London Platinum is 1339.00 with a change of 8.00; London Palladium is 1124.00 with a change of 14.00; WTI Crude is 64.80 with a change of 1.14; LME Copper is 9809.00 with a change of 94.50 [3] - The latest value of the US Dollar Index is 98.43 with a change of 0.70; Euro to US Dollar is 1.16 with a change of -0.01; British Pound to US Dollar is 1.35 with a change of -0.01; US Dollar to Japanese Yen is 147.73 with a change of 0.79 [3] Group 2: Trading Data - The latest COMEX silver inventory is 15824.93 with a change of 9.22; SHFE silver inventory is 1113.64 with a change of 4.52; Gold ETF holdings are 958.49 with a change of 1.72; Silver ETF holdings are 15288.82 with no change [4] - The deferred fee payment direction of SGE silver and SGE gold is 1 with no change [4]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. Singapore's high - sulfur bunkering volume in July increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. US residue inventory increased slightly but was at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The U.S. soybean export inspection volume for the week ending August 21, 2025, was 382,806 tons, meeting market expectations, and the cumulative export inspection volume this crop year is higher than the same period last year [1]. - As of August 24, 2025, the U.S. soybean good-to-excellent rate rose to 69%, stronger than market expectations, and the pod-setting rate and leaf - falling rate are also reported [1]. - Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August 2025, with the daily average export volume increasing by 24% compared to August last year [1]. - Malaysian palm oil exports from August 1 - 25, 2025, showed an increase compared to the same period last month according to two different institutions' data [1]. 3) Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume for the week ending August 21, 2025, was 382,806 tons (expected 200,000 - 500,000 tons, previous week revised to 502,794 tons), and the cumulative export inspection volume this crop year is 49,279,891 tons, higher than 44,214,289 tons in the same period last year. The export inspection volume to China was 0 tons [1]. - As of August 24, 2025, the U.S. soybean good - to - excellent rate was 69% (expected 67%, previous week 68%, same period last year 67%), the pod - setting rate was 89% (previous week 82%, same period last year 88%, five - year average 89%), and the leaf - falling rate was 4% (same period last year 6%, five - year average 4%) [1]. - Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August 2025, with a daily average export volume of 453,614.86 tons, a 24% increase compared to August last year [1]. - Malaysian palm oil exports from August 1 - 25, 2025, increased by 10.9% (ITS data) and 16.4% (AmSpec data) compared to the same period last month [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 19 - 25, 2025, are provided in a table [2]. Protein Meal Basis No detailed information provided [3]. Oil Basis No detailed information provided [6]. Oil and Oilseed Futures Price Spreads No detailed information provided [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Downstream is currently booking shipping space for late August to early September (week 35 - 36). Week 35 has a potential average of $2550 (1800 points), and week 36's current average quote is $2300 (1600 points). MSK has relatively less pressure to receive goods due to significant price cuts, but most shipping companies face pressure to receive goods at the end of the month. September's overall shipping capacity is generally reduced, but on August 26, two sailings on the FE3/FE4 routes of the PA alliance in week 37/38 of September were refilled, increasing the average weekly shipping capacity in September to 310,000 TEU. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), with limited downside potential. Attention can be paid to the long - allocation opportunity of the 12 - contract [1] 3. Summary by Related Catalogs 3.1 Futures Contract Information - EC2508 closed at 2136.0 with a 0.39% increase, EC2510 at 1358.0 with a 3.74% increase, EC2512 at 1696.7 with a 2.14% increase, EC2602 at 1496.9 with a 2.18% increase, EC2604 at 1284.0 with a 1.54% increase, and EC2606 at 1445.7 with a 1.10% increase. The positions of EC2508 decreased by 91, EC2510 increased by 102, EC2512 increased by 220, EC2602 remained unchanged, EC2604 decreased by 33, and EC2606 decreased by 22 [1] - The month - to - month spreads: EC2508 - 2510 was 778.0, with a daily decrease of 40.7 and a weekly increase of 21.0; EC2510 - 2512 was - 338.7, with a daily increase of 13.5 and a weekly increase of 66.0; EC2512 - 2602 was 199.8, with a daily increase of 3.6 and a weekly decrease of 39.8 [1] 3.2 Spot Market Information - The spot price of Telanat (European line) on August 25, 2025, was 1990.2 points, a decrease of 8.71% from the previous period and 2.47% from the period before the previous one. SCFI was $1668/TEU on August 22, 2025, a decrease of 7.9% from the previous period. CCFI was 1757.74 points on August 22, 2025, a decrease of 1.83% from the previous period. NCFI was 1083.74 points on August 22, 2025, a decrease of 8.83% from the previous period [1] 3.3 Recent European Line Quotation - In week 35, the potential average is $2575 (1770 points), with the PA alliance at $2500, MSK opening at $2300 (later rising to $2490), and the OA alliance at $2700 - $2800. In week 36, the latest quotes from shipping companies range from $2120 - $2420, with an average of $2250 (1550 points). The PA alliance is at $2200 - $2300, MSK at $2100 (later rising to $2200), and the OA alliance at $2300 - $2400 [2] 3.4 Related News - On August 23, US President Trump announced a major tariff investigation on imported furniture into the US, which will be completed within the next 50 days. The tariff rate is to be determined. On August 26, Trump said dealing with Netanyahu was quite difficult and expected a clear and good outcome in the next 2 - 3 weeks [3]

Report Title - The report is titled "Iron Alloy Morning Report" [1] Report Date - The report date is August 26, 2025 [2] Price Summary Silicon Ferrosilicon - Spot prices vary by region and grade. For example, the latest price of 72 silicon ferrosilicon in Ningxia and Inner Mongolia is 5300 yuan/ton, with daily changes of 0 and weekly changes of -180 and -150 respectively. The export price of 72 silicon ferrosilicon in Tianjin is 1055 US dollars, with a daily change of 0 and a weekly change of 30 [2] - Futures prices also show different trends. The latest price of the main contract is 5680 yuan/ton, with a daily change of 38 and a weekly change of -200 [2] Silicon Manganese - Spot prices of silicon manganese also vary by region. The latest price of 6517 silicon manganese in Inner Mongolia is 5750 yuan/ton, with a daily change of 0 and a weekly change of -70. The main contract price is 5898 yuan/ton, with a daily change of 66 and a weekly change of -128 [2] Supply Summary Silicon Ferrosilicon - The production data of 136 silicon ferrosilicon enterprises in China shows the monthly and weekly production trends from 2021 to 2025. The production capacity utilization rate of 136 silicon ferrosilicon production enterprises in Inner Mongolia also shows different trends over the years [5] Silicon Manganese - The weekly production data of silicon manganese in China from 2021 to 2025 is presented, as well as the annual trends of the procurement price and quantity of 6517 silicon manganese by Hebei Iron and Steel Group [7] Demand Summary Silicon Ferrosilicon - The demand - related data includes the production of crude steel in China, the production of metal magnesium, the production of stainless - steel crude steel, and the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, which reflect the demand for silicon ferrosilicon in different industries [5] Silicon Manganese - The demand for silicon manganese in China is measured by the steel - linked caliber, and the data shows the demand trends from 2021 to 2025. The production of crude steel also affects the demand for silicon manganese [5][8] Inventory Summary Silicon Ferrosilicon - The inventory data of 60 sample enterprises in China shows the weekly inventory trends from 2021 to 2025. The inventory data also includes the inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi. The warehouse receipt and effective forecast data are also presented [6] Silicon Manganese - The inventory - related data includes the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory of silicon manganese on the CZCE. The inventory of 63 sample enterprises in China and the average available days of inventory in China are also shown [8] Cost and Profit Summary Silicon Ferrosilicon - The cost - related data includes electricity prices in different regions such as Qinghai, Ningxia, Shaanxi, and Inner Mongolia. The production cost, profit from converting to the main contract, and spot profit of silicon ferrosilicon in Ningxia and Inner Mongolia are also presented [6] Silicon Manganese - The profit data of silicon manganese in different regions such as Inner Mongolia, Guangxi, the northern region, and the southern region are presented, measured by the steel - linked caliber. The profit from converting Guangxi silicon manganese to the main contract and the profit from converting Ningxia silicon manganese to the contract are also shown [8]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/8/18 | | 2025/8/22 | 2025/8/25 | | 周度变化 日度变化 | | 2025/8/18 | 2025/8/22 | 2025/8/25 | | 周度变化 日度变化 | | 沙河重碱 | 1260.0 | 1220.0 | 1230.0 | -30.0 | 10.0 | SA05合 约 | 1442.0 | 1379.0 | 1393.0 | -49.0 | 14.0 | | 华中重碱 | 1220.0 | 1220.0 | 1220.0 | 0.0 | 0.0 | SA01合约 | 1386.0 | 1326.0 | 1337.0 | -49.0 | 11.0 | | 华南重碱 | 1450.0 | 1450.0 | 1450.0 | 0.0 | 0.0 | SA09合约 | 1272.0 | 1226.0 | 1226.0 | -46.0 | 0.0 | | ...