Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoint No clear core viewpoint presented in the given content, which mainly consists of price, supply, demand, inventory, and cost - profit data of ferrosilicon and silicomanganese. 3. Summary by Related Catalogs Price - For ferrosilicon on June 27, 2025, the latest price of Ningxia 72 natural block was 5130 yuan, with a daily change of 30 yuan and a weekly change of 30 yuan; the export price of Tianjin 72 was 1020 US dollars, with no daily change and a weekly decrease of 35 US dollars [2]. - For silicomanganese on June 27, 2025, the latest price of Inner Mongolia 6517 at the production area was 5520 yuan, with a daily change of 20 yuan and a weekly change of 40 yuan [2]. Supply - The production data of 136 ferrosilicon enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production, and capacity utilization in Inner Mongolia [4]. - The production data of silicomanganese in China from 2021 - 2025 are shown, such as weekly production and enterprise start - up rate [6]. Demand - Ferrosilicon demand - related data include export prices at Tianjin Port, export quantity in China, and procurement volume and price of Hebei Iron and Steel Group from 2021 - 2025 [4]. - Silicomanganese demand - related data involve the estimated demand in China and export quantity from 2021 - 2025 [7]. Inventory - Ferrosilicon inventory data include the inventory of 60 sample enterprises in China, inventory in Ningxia, and warehouse receipt data from 2021 - 2025 [5]. - Silicomanganese inventory data cover warehouse receipt quantity, effective forecast, and inventory of 63 sample enterprises in China from 2021 - 2025 [7]. Cost Profit - Ferrosilicon cost - profit data include electricity prices in different regions, Lanthanum carbon prices, production costs in Ningxia and Inner Mongolia, and corresponding profits from 2021 - 2025 [5]. - Silicomanganese cost - profit data involve the profits in Inner Mongolia, Guangxi, and other regions from 2021 - 2025 [7].

Price Performance - London Gold's latest price is 3318.25 with no change [2] - London Silver's latest price is 35.77 with no change [2] - London Platinum's latest price is 1304.00 with no change [2] - London Palladium's latest price is 1049.00, down 22.00 [2] - WTI Crude's latest price is 64.92 with no change [2] - LME Copper's latest price is 9761.00, up 35.50 [2] - The latest Dollar Index is 97.70 with no change [2] - The latest Euro to US Dollar exchange rate is 1.17 with no change [2] - The latest British Pound to US Dollar exchange rate is 1.37 with no change [2] - The latest US Dollar to Japanese Yen exchange rate is 145.27 with no change [2] - The latest US 10 - year TIPS is 2.01 with no change [2] Trading Data - COMEX Silver's latest inventory is 15561.77 with no change [3] - SHFE Silver's latest inventory is 1270.83, down 5.97 [3] - Gold ETF's latest holding is 953.39 with no change [3] - Silver ETF's latest holding is 14866.19, down 50.88 [3] - SGE Silver's latest inventory is 1378.88 with no change [3] - SGE Gold's latest deferred fee payment direction is 1 with no change [3] - SGE Silver's latest deferred fee payment direction is 1 with no change [3] Data Source - The data in the report is sourced from Bloomberg, Yong'an Yuandian Information, and Wind [10]

甲醇聚烯烃早报 研究中心能化团队 2025/06/27 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/06/2 0 801 2750 2665 2525 2700 2480 2600 296 346 195 210 -1445 2025/06/2 3 801 2735 2643 2543 2700 2480 2633 295 346 171 210 -1350 2025/06/2 4 801 2635 2510 2510 2600 2480 2615 285 346 160 240 -1163 2025/06/2 5 801 2640 2518 2480 2600 2470 2590 285 346 160 250 -1189 2025/06/2 6 801 2640 2518 2480 2600 2460 2580 285 346 160 340 -1243 日度变化 0 0 0 0 0 -10 -10 0 0 0 90 -54 观点 高进口开始兑现，累库开始发生，盘面低估值， ...

焦炭日报 研究中心黑色团队 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 2021 2022 2023 2024 2025 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 3500.00 4000.00 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500 ...

沙河驿进口主焦 焦煤日报 研究中心黑色团队 2025/6/27 | | 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 | 0.00 | 8.00 | -87.00 | -38.17% Peak Downs | 188.00 | 0.00 | -0.50 | -15.50 | -85.50 | | 原煤口岸库提价 | 724.00 | 5.00 | 14.00 | -16.00 | -44.31% Goonyella | 192.00 | 0.00 | -0.50 | -12.50 | -81.50 | | 沙河驿蒙5# | 1060.00 | 0.00 | -20.00 | -120.00 | -41.11% 盘面05 | 873.00 | 14.50 | 28.00 | 55.00 | -48.28% | | 安泽主焦 | 1170.00 | 0.00 | 0.00 | ...

Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoints - The supply increase is expected, while the expected increase in chemical demand provides some support. Shandong is expected to be boosted, and East and South China markets are more likely to fluctuate. Geopolitical tensions have significantly escalated, with the US attacking three Iranian nuclear facilities, which is expected to have a significant impact on market sentiment, so cautious operation is recommended [1]. Group 3: Summary by Relevant Data Price and Margin Data - From June 20 - 26, 2025, the prices of South China LPG, Shandong LPG, and other products fluctuated. For example, South China LPG prices ranged from 4660 to 4755. There were also changes in propane CFR prices, MB propane prices, etc. PDH production profit improved, with FEI production cost higher than CP. The daily change on June 26 showed 0 for South China LPG, -25 for Shandong LPG, etc. [1] Market Structure Data - The cheapest deliverable is East China civil gas at 4642. The PG futures price increased, with the 07 - 09 spread dropping 3 to 107. The US - Far East arbitrage window is closed. The 07 contract basis weakened to 80 (-141), and the monthly spreads (07 - 08, 07 - 09) changed significantly [1]. International Market Data - Outer - market prices continued to strengthen, and the oil - gas ratio increased. Regional spreads showed different trends: internal - external spreads strengthened, FEI - MB strengthened slightly, while FEI - CP and MB - CP weakened. The AFEI propane FOB discount weakened slightly to 2.25, and the CP CIF discount dropped significantly to 12 dollars. Freight rates increased slightly [1]. Downstream Profit Data - PDH spot profit improved due to rising拉丝 prices. FEI's profit from producing PP decreased, while CP's production profit increased. Alkylation and MTBE profits decreased, and the FEI - MOPJ spread shifted downward [1]. Fundamental Data - Due to delayed arrivals and a slight increase in chemical demand, port inventories and storage ratios decreased, while factory inventories remained basically flat, and external releases were also basically unchanged. Chemical demand was supported, with PDH and MTBE operating rates increasing and alkylation remaining basically flat. Multiple PDH plants are expected to increase their loads in the future [1]. Warehouse Receipt Data - The number of registered warehouse receipts was 8358 lots (-647), mainly due to Jinneng Chemical reducing by 270 and Shanghai Yuchi reducing by 377 [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core View The reports mainly present overnight market information, production, export data, and spot prices of the oil and fat industry. Key data include US soybean export sales, Brazilian crop production forecasts, and Malaysian palm - oil production and export data. 3. Summary by Relevant Content Overnight Market Information - For the week ending June 19, US current - market - year soybean export sales net increased by 53.95 million tons, up 779% from the previous week and 204% from the four - week average; next - market - year export sales net increased by 7.52 million tons. Export shipments were 40.61 million tons, down 10% from the previous week but up 33% from the four - week average. New sales for the current and next market years were 54.99 million tons and 7.52 million tons respectively [1]. - On June 26, private exporters reported selling 110,000 tons of soybeans to Egypt for the 2024/2025 market - year delivery [1]. - Datagro raised Brazil's 2024/25 corn production forecast to 134 million tons, nearly 1% higher than the previous estimate and 10% higher than 2023/24; soybean harvest was estimated at 173.5 million tons, about 0.8% higher than the previous estimate and 12% higher than 2023/24 [1]. - From June 1 - 25, 2025, Malaysia's palm - oil production increased 3.83% month - on - month, with fresh fruit bunch yield up 4.09% and oil extraction rate down 0.05%. Export volume was 748,145 tons, a 21.02% decrease from the previous month [1]. Spot Prices - From June 20 to June 26, 2025, the spot prices of bean meal in Jiangsu decreased from 2900 to 2790; rapeseed meal in Guangdong decreased from 2550 to 2420; soybean oil in Jiangsu decreased from 8390 to 8220; palm oil in Guangzhou decreased from 8740 to 8510; and rapeseed oil in Jiangsu decreased from 9900 to 9620 [2].

| 燃料油早报 | | --- | 研究中心能化团队 2025/06/27 新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/06/20 | 479.12 | 550.33 | 2.70 | 8.3 | 16.2 | | 2025/06/23 | 475.90 | 549.45 | 3.65 | 9.1 | 18.8 | | 2025/06/24 | 431.62 | 508.57 | 2.75 | 9.8 | 21.1 | | 2025/06/25 | 424.16 | 506.06 | 1.65 | 9.8 | 22.7 | | 2025/06/26 | 427.72 | 501.94 | 4.25 | 8.5 | 16.6 | | 变化 | 3.56 | -4.12 | 2.60 | -1.3 | -6.1 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- ...

跨期套利跟踪 2025/06/27 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 80 -80 -290 -480 理论价差 496 890 1293 1696 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 65 -30 -100 -195 理论价差 214 334 454 574 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 0 -85 -190 -295 理论价差 213 327 442 556 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 60 65 60 40 理论价差 211 318 424 531 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 2230 2340 2440 2690 锡 5-1 价差 -660 理论价差 5528 期现套利跟踪 2025/06/27 铜 当月合约-现货 次月合约-现货 价差 -115 -35 理论价差 326 775 锌 当月合约-现货 次月合约-现货 价差 -95 -30 理论价差 143 273 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 ...

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, after the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory slightly decreased, basis strengthened again, and spot processing fees improved. In the future, TA inventory start - up will gradually return, and it will enter the inventory accumulation stage. The monthly spread driver may fluctuate greatly between PX inventory depletion and polyester benefit compression [1]. - For MEG, the near - end domestic maintenance continued to resume, the start - up rate continued to rise, Iranian devices stopped intensively, port inventory decreased slightly, and the basis weakened. In the future, the domestic supply will return, and the inventory accumulation amplitude is expected to be limited. It is expected to be in a volatile pattern [7]. - For polyester staple fiber, the start - up rate increased, production and sales remained stable, inventory slightly accumulated. The demand side was weak, but exports maintained a high growth rate. There are also production reduction plans in the future, and the processing fee is expected to remain weak [7]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable, the price of Thai cup rubber rebounded, and rainfall affected rubber tapping. The recommended strategy is to wait and see [7]. - For styrene, the prices of related products changed, and the domestic profits of some products also changed. A comprehensive analysis of these data is needed for investment decisions [7]. Summary by Product PTA - **Price and Spread Changes**: From June 20 to June 26, 2025, crude oil remained at 67.7, PTA inner - disk spot price decreased from 5275 to 5020, PTA processing difference decreased from 369 to 375, and polyester gross profit increased from - 34 to 256. The basis of daily average transaction was 2509(+254) [1]. - **Device Changes**: Yisheng New Materials with a capacity of 3.6 million tons reduced its load [1]. - **Market Situation**: After the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory slightly decreased, basis strengthened again, and spot processing fees improved. PX domestic start - up remained stable, overseas Middle - East devices had unexpected shutdowns, PXN and its structure strengthened again [1]. - **Future Outlook**: TA inventory start - up will gradually return, and it will enter the inventory accumulation stage. The monthly spread driver may fluctuate greatly between PX inventory depletion and polyester benefit compression [1]. MEG - **Price and Profit Changes**: From June 20 to June 26, 2025, Northeast Asia ethylene remained at 850, MEG inner - disk price decreased from 4594 to 4379, and MEG coal - made profit decreased from 681 to 459. The basis of spot transaction was around 09(+72) [7]. - **Device Changes**: Zhejiang Petrochemical's 800,000 - ton device was under maintenance [7]. - **Market Situation**: The near - end domestic maintenance continued to resume, the start - up rate continued to rise, Iranian devices stopped intensively, port inventory decreased slightly, downstream stocking levels increased slightly, the basis weakened, and coal - made benefits continued to expand [7]. - **Future Outlook**: The domestic supply will return, and the inventory accumulation amplitude is expected to be limited. It is expected to be in a volatile pattern, and attention should be paid to the change of warehouse receipts [7]. Polyester Staple Fiber - **Price and Profit Changes**: From June 20 to June 26, 2025, the price of 1.4D cotton - type staple fiber decreased from 6995 to 6855, and the short - fiber profit increased from - 70 to 79 [7]. - **Device Changes**: Not provided - **Market Situation**: Fujian Jinlun restarted, the start - up rate increased to 95.1%, production and sales remained stable, inventory slightly accumulated. The demand side was weak, but exports maintained a high growth rate [7]. - **Future Outlook**: There are also production reduction plans in the future, and the processing fee is expected to remain weak. Attention should be paid to the implementation of industry production reduction [7]. Natural Rubber and 20 - Number Rubber - **Price Changes**: From June 20 to June 26, 2025, the price of US - dollar Thai standard rubber increased from 1690 to 1700, and the price of Shanghai full - latex increased from 13500 to 13640 [7]. - **Market Situation**: The national explicit inventory remained stable, the price of Thai cup rubber rebounded, and rainfall affected rubber tapping [7]. - **Strategy**: Wait and see [7]. Styrene - **Price and Profit Changes**: From June 20 to June 26, 2025, the price of ethylene (CFR Northeast Asia) remained at 850, the price of pure benzene (CFR China) remained at 748, and the domestic profit of styrene decreased from 140 to 165 [7]. - **Market Situation**: The prices of related products changed, and the domestic profits of some products also changed [7].