1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoint of the Report - No clear core viewpoint is presented in the provided content. It mainly contains price, supply, demand, inventory, and cost - profit data of ferroalloys such as ferrosilicon and ferromanganese. 3. Summary According to Related Catalogs Price - For ferrosilicon on June 26, 2025, the spot price of Ningxia 72 was 5100 yuan, unchanged daily and up 50 yuan weekly; the main contract price was 5374 yuan, up 86 yuan daily and 84 yuan weekly. The export price of Tianjin 72 was 1020 US dollars, unchanged daily and down 35 US dollars weekly [2]. - For ferromanganese on June 26, 2025, the ex - factory price of Inner Mongolia 6517 was 5500 yuan, unchanged daily and up 20 yuan weekly; the main contract price was 5654 yuan, up 98 yuan daily and 98 yuan weekly [2]. Supply - Data on the production volume, capacity utilization rate, and start - up rate of 136 ferrosilicon production enterprises in China from 2021 - 2025 are provided, including monthly production volume, weekly production volume (with a capacity share of 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - Data on the production volume and start - up rate of ferromanganese in China from 2021 - 2025 are presented, such as weekly production volume and the start - up rate of ferromanganese enterprises [6]. Demand - Data on the demand for ferrosilicon and ferromanganese in China from 2021 - 2025 are provided, including the estimated production volume of crude steel in China, the demand for ferromanganese in China (according to the Steel Union's caliber), and the procurement volume and price of ferrosilicon and ferromanganese by Hebei Iron and Steel Group [4][6][7]. Inventory - Data on the inventory of 60 sample ferrosilicon enterprises in China from 2021 - 2025 are provided, including weekly inventory in China and in regions such as Ningxia, Inner Mongolia, and Shaanxi, as well as the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [5]. - Data on the inventory of 63 sample ferromanganese enterprises in China from 2021 - 2025 are presented, including weekly inventory in China, the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [7]. Cost - Profit - Data on the cost and profit of ferrosilicon and ferromanganese from 2021 - 2025 are provided, including electricity prices in regions such as Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of semi - coke, the production cost and profit of ferrosilicon in Inner Mongolia and Ningxia, and the profit of ferromanganese in regions such as Inner Mongolia, Guangxi, the northern and southern regions [5][7].

焦煤日报 研究中心黑色团队 2025/6/26 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1113.00 | 13.00 | 8.00 | -87.00 | -39.84% Peak Downs | 188.00 | -1.00 | -0.50 | -16.50 | -84.50 | | 原煤口岸库提价 | 719.00 | -1.00 | 9.00 | -21.00 | -45.53% Goonyella | 192.00 | -1.00 | -0.50 | -13.50 | -80.50 | | 沙河驿蒙5# | 1060.00 | 0.00 | -20.00 | -120.00 | -41.11% 盘面05 | 858.50 | -1.50 | 22.00 | 34.00 | -49.85% | | 安泽主焦 | 1170.00 | 0.00 | 0.00 | -30.0 ...

国内价格 LME价格 比价 现货 16975 2011 8.42 三月 17180 2033 10.80 均衡比价 盈利 现货进口 8.84 -844.55 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 有色套利早报 研究中心有色团队 2025/06/26 铜：跨市套利跟踪 2025/06/26 国内价格 LME价格 比价 现货 78570 9826 8.01 三月 78500 9726 8.08 均衡比价 盈利 现货进口 8.15 -1355.85 现货出口 898.69 锌：跨市套利跟踪 2025/06/26 国内价格 LME价格 比价 现货 22200 2682 8.28 三月 21945 2699 6.35 均衡比价 盈利 现货进口 8.67 -1052.78 铝：跨市套利跟踪 2025/06/26 国内价格 LME价格 ...

铁矿石早报 研究中心黑色团队 2025/6/26 地区 品种 最新 日变化 周变化 折盘面 最新 日变化 周变化 进口利润 92.95 -1.20 -0.15 纽曼粉 695 -3 -3 742.1 90.00 -0.30 0.30 -29.77 PB粉 700 -1 -7 739.3 92.15 -0.35 -0.25 -9.57 麦克粉 683 -4 -7 746.4 88.20 -0.35 0.20 -6.51 金布巴 652 -1 -1 737.7 84.30 -0.40 0.00 -13.35 主流 混合粉 638 -7 -10 759.7 81.25 -0.25 0.35 -0.52 超特粉 596 -3 -8 802.4 78.00 -0.25 0.30 -9.22 卡粉 796 -3 -8 732.2 103.10 -0.30 0.95 -2.68 巴西 巴混 734 -1 -4 742.2 94.65 -0.30 0.40 2.46 主流 巴粗IOC6 673 -1 -7 738.1 巴粗SSFG 678 -1 -7 乌克兰精粉 777 -3 -3 842.4 61%印粉 632 -1 -1 ...

废钢早报 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/06/19 | 2166 | 2250 | 2024 | 2178 | 2189 | 2105 | | 2025/06/20 | 2166 | 2251 | 2019 | 2175 | 2192 | 2106 | | 2025/06/23 | 2167 | 2254 | 2019 | 2169 | 2193 | 2105 | | 2025/06/24 | 2166 | 2254 | 2019 | 2158 | 2181 | 2102 | | 2025/06/25 | 2164 | 2250 | 2018 | 2143 | 2181 | 2099 | | 环比 | -2 | -4 | -1 | -15 | 0 | -3 | 研究中心黑色团队 2025/06/26 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - A commodity research institution estimates Canada's rapeseed production in the 2025/26 season to be 1,800 million tons, with an estimated range of 1,720 - 1,890 million tons, remaining unchanged from the previous estimate. However, the continuous dry conditions in Manitoba need to be closely monitored as they pose a risk to yield potential [1]. - Malaysia has lowered the reference price of crude palm oil for a certain month, resulting in a reduction of the export tax to 8.5%. The reference price for a previous month was RM3,926.59 per ton with a 9.5% tariff, while the current month's reference price is RM3,730.48 per ton [1]. - Malaysia's crude palm oil production from the 1st - 20th of a month decreased by 4.55% month - on - month. The production in the Malay Peninsula increased by 0.25%, while that in Sabah decreased by 13.27%, Sarawak decreased by 4.56%, and East Malaysia decreased by 11.06% [1]. - Malaysia's palm oil product exports from the 1st - 25th of a month reached 1,134,230 tons, a 6.8% increase compared to the same period last month [1]. 3. Summary by Related Catalogs Canada Rapeseed - The estimated production of Canadian rapeseed in the 2025/26 season is 1,800 million tons, with an estimated range of 1,720 - 1,890 million tons, unchanged from the previous estimate [1]. - Manitoba has a precipitation gap of about 30 mm in the past two weeks, and the precipitation gap in Saskatchewan and Manitoba is expected to reach 24 mm in the next 10 days, which poses a risk to yield potential [1]. Malaysian Palm Oil - Malaysia has lowered the reference price of crude palm oil, reducing the export tax to 8.5%. The reference price for a certain month is RM3,730.48 per ton [1]. - Malaysia's crude palm oil production from the 1st - 20th of a month decreased by 4.55% month - on - month, with different trends in different regions [1]. - Malaysia's palm oil product exports from the 1st - 25th of a month increased by 6.8% compared to the same period last month [1]. Price Information - 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 June 19 - 25, 2025, are provided, showing a general downward trend [1].

ljs 加安期货 沥青早报 研究中心能化团队 2025/6/26 | | 指标 | 5/27 | 6/17 | 6/23 | 6/24 | 6/25 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3516 | 3644 | 3781 | 3580 | 3574 | -6 | -70 | | | BU06 | 3523 | 3381 | 3472 | 3301 | 3280 | -21 | -101 | | | BU09 | 3465 | 3644 | 3781 | 3580 | 3574 | -6 | -70 | | | BU12 | 3278 | 3482 | 3620 | 3417 | 3405 | -12 | -77 | | 程南 | BU03 | 3234 | 3379 | 3531 | 3341 | 3321 | -20 | -28 | | | 成交量 | 458674 | 421957 | 421608 | 623658 | 381167 | -242491 | -40790 ...

芳烃橡胶早报 研究中心能化团队 2025/06/26 P T A 日期 原油 石脑油 日本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/0 6/19 78.9 643 904 5190 7120 64.66 261.0 247 -3 85.1 79.1 37684 270 0.30 2025/0 6/20 77.0 646 898 5275 7165 81.77 252.0 369 -34 86.1 79.1 37020 265 0.40 2025/0 6/23 71.5 642 899 5260 7225 117.80 257.0 350 38 86.1 79.1 36600 275 0.55 2025/0 6/24 67.1 586 859 5100 7225 94.11 273.0 414 214 86.1 79.1 36396 265 0.20 2025/0 6/25 67.7 579 849 5050 7170 83.16 270.0 417 2 ...

纯碱现货：重碱河北交割库现货报价在1160左右，沙河库1200左右 纯碱产业：厂库累库 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1121 1128 1121 980 960 1017 1029 1066 900 950 1000 1050 1100 1150 沙河德金 沙河安全 沙河低价 湖北低价 07合约 09合约 11合约 01合约 玻璃价格结构 今日(6/25） 昨日(6/24） 一周前(6/18） 一月前(5/26） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 ...

| 燃料油早报 | | --- | | 研究中心能化团队 2025/06/26 | | --- | | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/06/19 | 481.08 | 517.59 | -1.07 | 764.51 | -246.92 | 24.87 | 36.51 | | 2025/06/20 | 464.95 | 508.06 | -1.73 | 728.36 | -220.30 | 22.22 | 43.11 | | 2025/06/23 | 460.60 | 509.41 | -2.41 | 713.74 | -204.33 | 26.31 | 48. ...