焦炭日报 研究中心黑色团队 2025/12/26 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1485.59 | 0.00 | -54.61 | -163.84 | -13.49% 高炉开工率 | 84.93 | | -0.99 | -3.65 | -2.69% | | 河北准一干熄 | 1735.00 | 0.00 | -55.00 | -165.00 | 4.52% 铁水日均产量 | 226.58 | | 0.03 | -8.10 | -0.57% | | 山东准一干熄 | 1660.00 | 0.00 | -55.00 | -165.00 | -12.63% 盘面05 | 1739.5 | 0.00 | 9.50 | -19.00 | -4.37% | | 江苏准一干熄 | 1700.00 | 0.00 | -55.00 | -165.00 | -12.37% 盘面09 | ...

2025/12/26 | 品种 | 项目 | | 现货 | | 仓单 | 盘面 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5250 | 20 | 50 | 5550 | 主力合约 | 5692 | 36 | 100 | | | 内蒙#72 | 5270 | 0 | 20 | 5620 | 01合约 | 5556 | 30 | 78 | | 产区汇总价 | 青海#72 | 5250 | 50 | 80 | 5580 | 05合约 | 5632 | 26 | 86 | | | 陕西#72 | 5220 | 20 | 40 | 5520 | 09合约 | 5680 | 14 | 64 | | | 陕西#75 | 5650 | 0 | 50 | | 主力月基差 | -142 | -16 | -50 | | 硅铁合格块 | 江苏#72 | 5700 | 0 | 50 | | 1-5月差 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report shows the spot prices of various types of steel in different regions from 2025/12/19 to 2025/12/25. For example, Beijing's rebar price remained at 3140 from 2025/12/19 - 2025/12/24, and Shanghai's hot - rolled coil price increased from 3260 on 2025/12/19 to 3290 on 2025/12/25. The change in Shanghai's hot - rolled coil price was 30, while the change in Le Cong's cold - rolled coil price was - 50 [1] Basis and Spread - Not provided in the given content Production and Inventory - Not provided in the given content

Report Summary 1. Core Information - Malaysia's palm oil exports from December 1 - 25, 2025, reached 1,058,112 tons, a 1.6% increase from the same period last month [1] - Canada's rapeseed crushing volume in November 2025 was 1,021,212 tons, a 0.52% decrease from the previous month but a 0.18% increase from the same period last year [1] - In November 2025, Canada's rapeseed oil production was 395,265 tons, a 7.83% decrease month - on - month and a 7.51% decrease year - on - year; rapeseed meal production was 598,459 tons, a 0.76% decrease month - on - month and a 0.57% increase year - on - year [1] - As of November 2025, the cumulative rapeseed crushing volume for the 2025/26 season was 3,923,092 tons, rapeseed oil production was 1,616,731 tons, and rapeseed meal production was 2,306,160 tons [1] 2. Spot Price Changes - From December 19 - 25, 2025, the spot price of soybean meal in Jiangsu fluctuated between 3010 - 3030 [2][6] - From December 19 - 25, 2025, the spot price of rapeseed meal in Guangdong increased from 2490 to 2540 [2][6] - From December 19 - 25, 2025, the spot price of soybean oil in Jiangsu increased from 8150 to 8280 [2][6] - From December 19 - 24, 2025, the spot price of palm oil in Guangzhou increased from 8250 to 8460 [2][6] - From December 19 - 25, 2025, the spot price of rapeseed oil in Jiangsu increased from 9230 to 9640 [2][6]

E GET PERS 81+ 研究中心能化团队 2025/12/26 P 不 As 占 商品 POY 1 石脑油日 PX CFR PTA内盘现 PTA加 PTA平衡 仓单+有 PTA负 石脑油裂 50D/4 聚酯毛利 TA基美 日期 PX加工美 产销 原油 工差 台湾 न्ह 解价差 效预报 K 荷 负荷 8F alt 2025/1 2.35 60.5 531 867 4750 6210 87.63 336.0 106 -218 78.6 73.2 129107 -60 2/19 2025/1 62.1 540 893 4885 6345 84.91 353.0 105 -192 78.6 73.2 127869 -70 0.45 2/22 图H 2025/1 62.4 -185 -75 542 896 4955 6395 85.00 164 78.6 73.2 123951 0.45 354.0 2/23 2025/1 62.2 901 6395 361.0 120464 540 2015 84.03 206 -240 78.6 73.2 -75 0.40 2/24 2025/1 l RiH 62.2 54 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 790, up 2 from the previous day and down 1 for the week, with a discounted futures price of 845.5 and an import profit of 17.17; PB powder price is 793, up 2 from the previous day and down 1 for the week, with a discounted futures price of 844.5 and an import profit of -15.25; Mac powder price is 785, down 1 from the previous day and up 1 for the week, with a discounted futures price of 857.4 and an import profit of 39.47; Jinbuba powder price is 746, up 2 from the previous day and down 1 for the week, with a discounted futures price of 838.8 and an import profit of 37.64; Mixed powder price is 734, unchanged from the previous day and down 4 for the week, with a discounted futures price of 872.5 and an import profit of 5.25; Super special powder price is 673, unchanged from the previous day and down 5 for the week, with a discounted futures price of 893.1 and an import profit of -11.38; Roy Hill powder price is 780, up 2 from the previous day and down 1 for the week, with a discounted futures price of 858.5 and an import profit of 38.66 [1] - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore price is 829, up 2 from the previous day and down 3 for the week, with a discounted futures price of 836.3 and an import profit of -0.78; Brazilian coarse IOC6 price is 757, up 2 from the previous day and down 7 for the week; Brazilian coarse SSFG price is 762, up 2 from the previous day and down 7 for the week [1] - **Other Iron Ores**: Ukrainian concentrate price is 871, down 4 from the previous day and down 2 for the week, with a discounted futures price of 948.6; 61% Indian powder price is 735, up 2 from the previous day and down 1 for the week; Karara concentrate price is 875, unchanged from the previous day and up 2 for the week, with a discounted futures price of 895.1; 57% Indian powder price is 608, unchanged from the previous day and down 5 for the week; Atlas powder price is 729, unchanged from the previous day and down 4 for the week; KUMBA powder price is 852, up 2 from the previous day and down 1 for the week, with a discounted futures price of 831.5; Tangshan iron concentrate price is 976, unchanged from the previous day and for the week, with a discounted futures price of 863 [1] Futures Market - **Dalian Commodity Exchange Contracts**: i2601 price is 798.0, unchanged from the previous day and up 1 for the week, with a monthly spread of -41.0 and a spread change of 5.9 from the previous day and -2.1 for the week; i2605 price is 778.5, down 1 from the previous day and up 1 for the week, with a monthly spread of 19.5 and a spread change of 25.4 from the previous day and -2.1 for the week; i2609 price is 757.0, down 1 from the previous day and up 2 for the week, with a monthly spread of 21.5 and a spread change of 46.9 from the previous day and -3.1 for the week [1] - **Singapore Exchange Contracts**: FE01 price is 104.05, down 0.32 from the previous day and up 0.40 for the week, with a monthly spread of -3.69 and a spread change of -28.4 from the previous day and 8.1 for the week; FE05 price is 102.37, down 0.16 from the previous day and up 0.84 for the week, with a monthly spread of 1.68 and a spread change of -33.5 from the previous day and 6.6 for the week; FE09 price is 100.36, down 0.05 from the previous day and up 0.91 for the week, with a monthly spread of 2.01 and a spread change of -39.1 from the previous day and 7.0 for the week [1]

Group 1: Report Core View - The price of EC2602 mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - drop rhythm. At the current level, it's not recommended to enter the market [1] - The valuation of EC2604 is moderately high. In the short - term, it may follow the spot market or recover the basis. The strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Pay attention to shorting opportunities in the EC2610 contract [2] Group 2: Futures Market Data Futures Contract Prices and Changes - EC2512 closed at 1608.0 with a change of 0.13% and a decrease of 18.8, trading volume of 112 and open interest of 1714 (a decrease of 76) [1] - EC2602 closed at 1799.7 with a change of 0.22% and a decrease of 210.5, trading volume of 28762 and open interest of 34250 (a decrease of 66) [1] - EC2604 closed at 1164.5 with a change of - 0.04% and an increase of 424.7, trading volume of 6267 and open interest of 21254 (an increase of 264) [1] - EC2606 closed at 1320.0 with a change of 0.08% and an increase of 269.2, trading volume of 258 and open interest of 2126 (a decrease of 19) [1] - EC2608 closed at 1496.7 with a change of 1.06% and an increase of 92.5, trading volume of 112 and open interest of 1181 (a decrease of 12) [1] - EC2610 closed at 1059.0 with a change of 0.75% and an increase of 277, trading volume of 811 [1] Futures Spread Data - The spread between EC2512 and EC2504 was 443.5, with a daily - on - daily change of - 123.9, weekly - on - weekly change of - 191.7 and monthly - on - monthly change of - 1.8 [1] - The spread between EC2512 and EC2602 was - 189.9, with a daily - on - daily change of 4.4, weekly - on - weekly change of 59.5 [1] - The spread between EC2502 and EC2604 was 630.8, with a daily - on - daily change of - 17.8, weekly - on - weekly change of - 13.4 [1] Group 3: Spot Market Data European Line Spot Market - In Week 52, Maersk (MSK) opened at 2300 (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51 rates. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market [3] - All shipping companies are raising the price of January cabins. Maersk's January upper - half price is 2500, and it will rise to 2600 in Week 2 to Hamburg, while prices for other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 US dollars [3] Shipping Index Data - The SCFIS (European Line) index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from two periods ago, updated weekly [1] - On December 19, 2025, the SCFI (European Line) was 1533, up 0.23% from the previous period and 9.86% from two periods ago, updated weekly [6] - On December 19, 2025, the CCFI was 1473.9, up 0.30% from the previous period and 9.98% from two periods ago, updated weekly [6] - On December 19, 2025, the NCFI was 967.55, down from 1067.29 in the previous period, updated weekly [6]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 26, 2025 [1][4][5] Group 3: Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 94825, March price is 96370, LME March price is 12133, and the ratio is 7.86 [1] - **Zinc**: Domestic spot price is 23090, March price is 23095, LME March price is 3087, and the ratio is 5.59 [1] - **Aluminum**: Domestic spot price is 21980, March price is 22325, LME March price is 2957, and the ratio is 7.51 [1] - **Nickel**: Domestic spot price is 126100, and the profit of spot import is 45.32 [1] - **Lead**: Domestic spot price is 17125, March price is 17315, LME March price is 2000, and the ratio is 11.52 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 350, 510, 580, 640 respectively, with theoretical spreads of 581, 1061, 1549, 2037 [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 125, - 95, - 50, - 20 respectively, with theoretical spreads of 219, 344, 469, 594 [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 20, 70, 120, 135 respectively, with theoretical spreads of 222, 346, 469, 592 [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 75, 75, 60, 50 respectively, with theoretical spreads of 211, 318, 426, 533 [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 2240, - 1930, - 1690, - 1280 respectively [4] - **Tin**: The 5 - 1 spread is 1780, with a theoretical spread of 6890 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 1130 and 1480 respectively, with theoretical spreads of 570 and 1145 [4] - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 100 and - 25 respectively, with theoretical spreads of 151 and 286 [4] - **Zinc (another record)**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 100 and - 25 respectively, with theoretical spreads of 198 and 332 [5] - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 115 and 190 respectively, with theoretical spreads of 165 and 279 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 4.17, 4.32, 5.57, 0.97, 1.29, 0.75 respectively [5]

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。 台H 研究中心能化团队 2025/12/26 -P G 内院CFR华 CP预测合 山东烷基 山东液化气 丙烷CIF日本 纸面进口利润 日期 华南液化气 山东醚后碳四 主力基差 华东液化气 目似 化油 E 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4370 | 7150 4480 4388 580 536 202 4580 -213 355 2025/12/23 4475 4377 4370 7180 444 590 550 507 4580 -291 2025/12/24 4392 4320 4480 590 543 510 4570 7180 -277 398 2025/12/25 4520 4505 4389 4310 539 7150 413 l l I 0 B 日度变化 -10 -4 -50 -30 15 ...

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 689.0 -5.0 -34.0 -133.0 -76.0 25省终端可用天数 21.5 -0.7 1.5 0.6 3.9 秦皇岛5000 587.0 -4.0 -35.0 -136.0 -88.0 25省终端供煤 606.2 6.2 -2.3 -33.8 -16.6 广州港5500 810.0 0.0 -15.0 -50.0 -60.0 北方港库存 2813.0 -2.0 -7.0 297.0 385.2 鄂尔多斯5500 495.0 0.0 -10.0 -100.0 -65.0 北方锚地船舶 39.0 0.0 -30.0 -62.0 -15.0 大同5500 550.0 0.0 -10.0 -95.0 -70.0 北方港调入量 130.8 10.9 -3.2 -49.2 2.2 榆林6000 690.0 0.0 0.0 -42.0 -42.0 北方港吞吐量 156.8 12.0 15.8 -28.0 -3.0 榆林6200 745.0 0.0 0.0 -15.0 -15.0 CBCFI海运指数 596.9 -7.2 ...