Group 1: Report Core Views - Australia's 2025/26 rapeseed crop output is expected to be 5.7 million tons, unchanged from the previous forecast, with the forecast range between 5.4 - 6.3 million tons. The near - normal temperatures by October will support crop growth, but the cooling forecast from August 25 - 31 is worth attention due to possible light frost in some areas [1] - Malaysia's palm oil product exports from August 1 - 20 increased by 13.6% compared to the same period last month, reaching 929,051 tons [1] - Indonesia plans to increase its crude palm oil annual output from 48.2 million tons in 2024 to 60 million tons by 2030 to meet the growing demand. To achieve this goal, BPDP has implemented human resource improvement plans and the government has launched a plantation revival plan [1] Group 2: Spot Prices - 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 14 - 20, 2025 are provided, showing price fluctuations during this period [1][8]

Report Overview - Report Title: Methanol Polyolefin Morning Report - Report Date: August 21, 2025 - Research Team: Energy and Chemicals Team of the Research Center Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - **Methanol**: Port inventories are accumulating significantly due to high imports and current inventories. The domestic supply is expected to return, and traditional demand will enter the peak season. It is necessary to pay attention to whether the demand can support after the domestic supply returns. If the inventory deteriorates significantly, methanol is likely to experience a valuation decline [2]. - **Polyethylene**: The inventory of the two major state - owned oil companies is neutral year - on - year. The upstream two major oil companies are accumulating inventory, while coal - chemical enterprises are reducing inventory. The overall inventory is neutral. The 09 basis is around - 150 in North China and - 100 in East China. The import profit is around - 100 with no further increase for now. In August, the number of maintenance activities decreased month - on - month, and the domestic linear production increased month - on - month. Attention should be paid to the LL - HD conversion and new device commissioning [7]. - **Polypropylene**: The upstream two major oil companies are accumulating inventory, and the middle - stream is reducing inventory. The basis is - 60, the non - standard price difference is neutral, and the import profit is around - 800. Exports have been performing well this year. The supply in June is expected to increase slightly month - on - month, and the downstream orders are average currently. Under the background of over - capacity, the 09 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are more PDH device maintenance activities, the supply pressure can be alleviated to a neutral level [7]. - **PVC**: The basis remains at 09 - 150, and the factory - pickup basis is - 450. The downstream operating rate is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory reduction of the middle and upstream has slowed down. Attention should be paid to the commissioning and export sustainability from July to August. The current static inventory contradiction is accumulating slowly, and attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [7]. Summary by Product Methanol - **Price Data**: From August 14 to August 20, the daily changes in动力煤期货price were 0,江苏现货price increased by 25,华南现货price increased by 10,鲁南折盘面price decreased by 5,西南折盘面price remained unchanged,河北折盘面price decreased by 60,西北折盘面price remained unchanged, CFR中国and CFR东南亚prices remained unchanged,进口利润remained unchanged,主力基差decreased by 5, and盘面MTO利润remained unchanged [2]. - **Market Situation**: Port inventories are high, and the domestic supply is expected to return. Traditional demand will enter the peak season later. It is necessary to focus on the demand - supply balance after the domestic supply returns [2]. Polyethylene - **Price Data**: From August 14 to August 20,东北亚乙烯price remained unchanged,华北LLprice increased by 20,华东LLprice remained unchanged,华东LDprice decreased by 25,华东HDprice decreased by 30, LL美金and LL美湾prices remained unchanged,进口利润remained unchanged,主力期货price increased by 40,基差increased by 10,两油库存remained unchanged, and仓decreased by 40 [7]. - **Market Situation**: The overall inventory is neutral. The 09 basis is different in different regions. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around - 100. The non - standard HD injection price is stable, and other price differences are fluctuating. The number of maintenance activities in August decreased month - on - month, and the domestic linear production increased month - on - month [7]. Polypropylene - **Price Data**: From August 14 to August 20,山东丙烯price decreased by 20,东北亚丙烯price remained unchanged,华东PPprice decreased by 40,华北PPprice decreased by 15,山东粉料price decreased by 10,华东共聚price decreased by 28, PP美金and PP美湾prices remained unchanged,出口利润remained unchanged,主力期货price increased by 40,基差remained unchanged,两油库存remained unchanged, and仓单decreased by 100 [7]. - **Market Situation**: The upstream two major oil companies are accumulating inventory, and the middle - stream is reducing inventory. The basis is - 60, the non - standard price difference is neutral, and the import profit is around - 800. Exports have been good. The supply in June is expected to increase slightly month - on - month, and the downstream orders are average [7]. PVC - **Price Data**: From August 14 to August 20,西北电石price remained unchanged,山东烧碱price remained unchanged,电石法 - 华东price decreased by 20,乙烯法 - 华东,电石法 - 华南, and电石法 - 西北prices remained unchanged,进口美金价（CFR中国）remained unchanged,出口利润remained unchanged,西北综合利润remained unchanged,华北综合利润remained unchanged, and基差(高端交割品) remained unchanged [7]. - **Market Situation**: The basis remains stable. The downstream operating rate is seasonally weakening, and the inventory reduction of the middle and upstream has slowed down. Attention should be paid to the commissioning and export sustainability from July to August [7].

Report Industry Investment Rating - Not provided in the given content Report's Core View - Not provided in the given content Summary by Relevant Catalogs Price - **Silicon Iron**: On August 21, 2025, the latest spot prices of Ningxia 72 and Inner Mongolia 72 silicon iron were 5330 and 5350 respectively, with daily changes of -70 and -50, and weekly changes of -170 and -100. The latest export price of Tianjin 72 silicon iron (in US dollars) was 1055, with a daily and weekly increase of 30 [1]. - **Silicon Manganese**: On August 21, 2025, the latest factory - ex prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 silicon manganese were 5750, 5600, and 5800 respectively, with daily changes of -50, -230, and -70, and weekly changes of -50, -300, and -100 [1]. Supply - **Silicon Iron**: The production data of 136 silicon iron enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [3]. - **Silicon Manganese**: The production data of silicon manganese in China from 2021 - 2025 are shown, including weekly production, and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - **Silicon Iron**: The demand - related data such as the estimated production of crude steel in China, the production of metal magnesium, the production of stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group from 2021 - 2025 are provided [3]. - **Silicon Manganese**: The demand - related data such as the estimated production of crude steel in China and the demand in China (according to Steel Union's caliber) from 2021 - 2025 are presented [3][7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as the warehouse receipt data and effective forecast data, are shown [5]. - **Silicon Manganese**: The inventory data of 63 sample enterprises in China, warehouse receipt data, effective forecast data, and the average available days of inventory in China from 2021 - 2025 are presented [7]. Cost Profit - **Silicon Iron**: The cost - profit data such as electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia, the market price of semi - coking coal in Shaanxi, the production cost and profit in Ningxia and Inner Mongolia from 2021 - 2025 are provided [5]. - **Silicon Manganese**: The cost - profit data such as the ex - factory price of chemical coke in Ordos, the summary price of manganese ore in Tianjin Port, and the profit in Inner Mongolia, Guangxi, the northern and southern regions from 2021 - 2025 are presented [6][7].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The overall market risk preference remains high despite the under - performance of domestic economic and financial data. Different metals have various supply - demand situations and price trends. For example, copper may see a slight inventory build - up in August but a tight - balance pattern after the off - season; aluminum is expected to have a slight inventory build - up in August; zinc shows an external - strong and internal - weak short - term trend; nickel's short - term fundamentals are average; stainless steel's fundamentals are weak; lead is expected to maintain low - level oscillations; tin is in a supply - demand double - weak situation; industrial silicon may turn from a slight de - stocking to an over - supply situation; and lithium carbonate has a large short - term upward price elasticity and strong downward support [1][4][7][8][11][12][15][16][18] Summary by Metal Types Copper - **Market Data**: From August 14th to 20th, the spot import profit increased by 78.31, and the three - month import profit increased by 128.05. The LME inventory increased by 1200, and the LME注销仓单 decreased by 500 [1] - **Market Analysis**: Macro sentiment shows a recovery in risk preference. Downstream orders have support around 7 - 8, and the spot market trading is okay. The domestic tax subsidy policy for scrap copper may be restricted, and attention should be paid to its impact on refined copper consumption. In August, there may be a slight inventory build - up, but the market focuses on the post - off - season tight - balance pattern [1] Aluminum - **Market Data**: From August 14th to 20th, the Shanghai aluminum ingot price decreased by 70, and the spot import profit increased by 26.99 [4] - **Market Analysis**: Supply increases slightly, and 1 - 6 months' aluminum ingot imports provide an increment. August is a seasonal off - season for demand, which may improve slightly in the middle and late months. Aluminum exports improve month - on - month, while photovoltaic demand declines, and overseas demand drops significantly. An inventory build - up is expected in August. Pay attention to demand during the short - term off - season and consider far - month spreads and internal - external reverse arbitrage under the low - inventory pattern [4] Zinc - **Market Data**: From August 14th to 20th, the Shanghai zinc ingot price decreased by 30, and the LME zinc inventory decreased by 950 [7] - **Market Analysis**: Zinc prices fluctuate widely this week. On the supply side, domestic TC has difficulty rising, while import TC increases. In August, the smelting increment is further realized, and overseas mine increments in the second quarter exceed expectations. On the demand side, domestic demand is seasonally weak but has some resilience, and overseas European demand is average. There may be a phased supply shortage. Domestic social inventory fluctuates and rises, while overseas L inventory decreases rapidly. Short - term: suggest waiting and observing; medium - long - term: consider short positions. Hold internal - external positive arbitrage, and pay attention to month - on - month positive arbitrage opportunities [7] Nickel - **Market Data**: From August 14th to 20th, the Shanghai nickel spot price decreased by 700, and the LME注销仓单 decreased by 1776 [8] - **Market Analysis**: Pure nickel production remains at a high level. Overall demand is weak, and premiums are stable recently. Both domestic and overseas nickel plate inventories remain unchanged. Short - term fundamentals are average, and the macro - side is mainly about anti - involution policy games. Continue to pay attention to the opportunity of narrowing the nickel - stainless steel price ratio [8] Stainless Steel - **Market Data**: From August 14th to 20th, the 304 cold - rolled coil price decreased by 100, and the 304 hot - rolled coil price decreased by 50 [11] - **Market Analysis**: Some steel mills have passive production cuts, and demand is mainly for rigid needs, with some restocking due to the macro - environment. Nickel and chrome iron prices remain stable. Inventories in Xijiao and Foshan slightly decrease, and exchange warehouse receipts remain unchanged. Fundamentals are generally weak, and pay attention to future policy trends [11] Lead - **Market Data**: From August 14th to 20th, the spot import profit increased by 29.45, and the LME库存 decreased by 1850 [12] - **Market Analysis**: Lead prices oscillate this week. On the supply side, scrap volume is weak year - on - year, and recycled lead production maintains a low level. On the demand side, battery finished - product inventory is high, and the market's peak season is not prosperous. Although there is an expectation of a peak season from July to August, this week's terminal consumption de - stocking and lead ingot purchasing are weak. It is expected that lead prices will maintain low - level oscillations next week [12] Tin - **Market Data**: From August 14th to 20th, the spot import profit increased by 4836.19, and the LME库存 increased by 85 [15] - **Market Analysis**: Tin prices fluctuate widely this week. On the supply side, domestic smelting production may decline slightly in July - August, and overseas production has some uncertainties. On the demand side, solder demand has limited elasticity, and terminal electronics and photovoltaic growth are expected to decline. The domestic inventory fluctuates and rises, while overseas LME inventory is at a low level with a squeeze - out risk. Short - term: suggest short - selling at high prices; medium - long - term: hold at low prices near the cost line [15] Industrial Silicon - **Market Data**: From August 14th to 20th, the 421 Yunnan basis increased by 135, and the 553 East China basis increased by 85 [16] - **Market Analysis**: The restart of Xinjiang's leading enterprises is less than expected, while Sichuan and Yunnan's production slightly increases. In August, there is a slight de - stocking. The restart progress of Hesheng and Southwest enterprises will determine future supply - demand balance. Short - term: if either reaches full production, supply will be in excess. Medium - long - term: the industry has a large over - capacity, and prices will oscillate at the cycle bottom [16] Lithium Carbonate - **Market Data**: From August 14th to 20th, the SMM electric carbon price remained unchanged, and the basis of the main contract increased by 6560 [16][23] - **Market Analysis**: Affected by factors such as de - stocking data and production resumption expectations, the market is strong. Upstream lithium salt producers are willing to sell, downstream procurement is mainly for rigid needs with stronger restocking willingness, and trading among traders is more active. The core contradiction is the long - term over - supply and short - term resource - end compliance disturbances. With the approaching of the downstream peak season, lithium carbonate prices have a large short - term upward elasticity and strong downward support [18]

Global Asset Market Performance - The yields of 10 - year government bonds in major economies on August 20, 2025, were 4.292 in the US, 4.671 in the UK, etc. The latest changes ranged from - 0.068 in the UK to 0.031 in Brazil. Weekly, monthly, and yearly changes also varied across countries [2]. - The yields of 2 - year government bonds in major economies on August 20, 2025, were 3.770 in the US, 3.918 in the UK, etc. The latest changes ranged from - 0.056 in the UK to 0.020 in the US. Weekly, monthly, and yearly changes showed different trends [2]. - The exchange rates of the US dollar against major emerging - economy currencies on August 20, 2025, were 5.482 against the Brazilian real, 17.671 against the South African rand, etc. The latest and weekly, monthly, and yearly changes had different percentages [2]. - Major economy stock indices on August 20, 2025, were 6395.780 for the S&P 500, 44938.310 for the Dow Jones Industrial Index, etc. The latest changes ranged from - 1.51% for the Nikkei to 1.08% for the UK stock index. Weekly, monthly, and yearly changes also differed [2]. - The credit - bond indices had latest changes from - 0.22% to 0.10%, weekly changes from - 0.29% to 0.07%, monthly changes from - 0.05% to 1.95%, and yearly changes from 4.67% to 15.01% [2][3]. Stock Index Futures Trading Data - For A - shares, the closing price was 3766.21 with a 1.04% increase. The closing prices and percentage changes of other indices like the CSI 300, SSE 50, etc., were also provided [4]. - The PE (TTM) of the CSI 300 was 13.67 with a 0.14环比 change, and the PE (TTM) of other indices like the S&P 500 and German DAX were presented with their respective环比 changes [4]. - The risk - premium 1/PE - 10 - year interest rate of the S&P 500 was - 0.60 with a 0.03环比 change, and that of the German DAX was 2.27 with a 0.06环比 change [4]. - The latest A - share fund flow was - 88.79, and the latest fund flows of other segments like the main board, SME board, etc., were also given, along with their 5 - day average values [4]. - The latest trading volume of the Shanghai and Shenzhen stock markets was 24082.34 with a - 1801.35环比 change, and the trading volumes and环比 changes of other indices were provided [4]. - The basis of the IF was - 1.40 with a - 0.03% spread, and the basis and spreads of IH and IC were also presented [4]. Treasury Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 107.855, 105.425, 107.730, and 105.370 respectively, with percentage increases of 0.04%, 0.08%, 0.08%, and 0.09% [5]. - The R001, R007, and SHIBOR - 3M were 1.5576%, 1.5775%, and 1.5500% respectively, with daily changes of 0.00, 2.00, and 0.00 BP [5].

Price Performance - London Gold's latest price is 3344.65 with a change of 10.20 [1] - London Silver's latest price is 37.08 with a change of -0.99 [1] - London Platinum's latest price is 1347.00 with a change of 10.00 [1] - London Palladium's latest price is 1127.00 with a change of 3.00 [1] - WTI Crude's latest price is 62.71 with a change of 0.36 [1] - LME Copper's latest price is 9710.00 with a change of -39.50 [1] Trading Data - COMEX Silver's latest inventory data is not provided [2] - SHFE Silver's latest inventory is 1140.20 with a change of -9.25 [2] - Gold ETF's latest holding is 958.21 with a change of -4.00 [2] - Silver ETF's latest holding is 15305.76 with a change of -33.90 [2] - SGE Silver's latest inventory data is not provided [2] - SGE Gold's latest deferred fee payment direction is 2 with a change of 1.00 [2] - SGE Silver's latest deferred fee payment direction is 1 with a change of 0.00 [2] Other Currency Data - The latest value of the US Dollar Index is 98.24 with a change of -0.04 [9] - The latest exchange rate of Euro to US Dollar is 1.17 with a change of 0.00 [9] - The latest exchange rate of Pound to US Dollar is 1.35 with a change of -0.00 [9] - The latest exchange rate of US Dollar to Japanese Yen is 147.31 with a change of -0.37 [9] - The data of US 10 - year TIPS is not provided [9]

Report Information - Report Title: Coke Daily Report - Report Date: August 21, 2025 - Research Team: Black Team of the Research Center [1] Key Data Summary Coke Prices - **Shanxi Standard First - Wet Quenching**: The latest price is 1481.33, with a weekly increase of 54.61 and a monthly increase of 273.06, showing a year - on - year decrease of 14.82% [2] - **Hebei Standard First - Wet Quenching**: The latest price is 1725.00, with a weekly increase of 75.00 and a monthly increase of 295.00, showing a year - on - year decrease of 12.44% [2] - **Shandong Standard First - Dry Quenching**: The latest price is 1660.00, with a weekly increase of 55.00 and a monthly increase of 275.00, showing a year - on - year decrease of 17.41% [2] - **Jiangsu Standard First - Dry Quenching**: The latest price is 1700.00, with a weekly increase of 55.00 and a monthly increase of 275.00, showing a year - on - year decrease of 17.07% [2] - **Inner Mongolia Second - Grade**: The latest price is 1180.00, with a weekly increase of 50.00 and a monthly increase of 250.00, showing a year - on - year decrease of 15.71% [2] Inventory Data - **Coking Plant Inventory**: The latest inventory is 39.31, with a weekly decrease of 5.32 and a monthly decrease of 16.24, showing a year - on - year decrease of 13.98% [2] - **Port Inventory**: The latest inventory is 215.11, with a weekly decrease of 3.04 and a monthly increase of 16.00, showing a year - on - year increase of 14.29% [2] - **Steel Mill Inventory**: The latest inventory is 609.80, with a weekly decrease of 9.48 and a monthly decrease of 29.19, showing a year - on - year increase of 14.24% [2] - **Steel Mill Inventory Days**: The latest inventory days are 10.83, with a weekly decrease of 0.08 and a monthly decrease of 0.63, showing a year - on - year increase of 1.50% [2] Production - Related Data - **Blast Furnace Operating Rate**: The latest operating rate is 90.22, with a weekly increase of 0.13 and a monthly decrease of 0.67, showing a year - on - year increase of 3.68% [2] - **Daily Average Hot Metal Output**: The latest output is 240.66, with a weekly increase of 0.34 and a monthly decrease of 1.78, showing a year - on - year increase of 5.20% [2] - **Coking Capacity Utilization Rate**: The latest utilization rate is 73.75, with a weekly increase of 0.27 and a monthly increase of 1.03, showing a year - on - year increase of 1.12% [2] - **Daily Coke Output**: The latest output is 51.67, with a weekly decrease of 0.11 and a monthly decrease of 1.53, showing a year - on - year decrease of 3.78% [2] Futures Market Data - **Futures Contract 05**: The latest price is 1768, with a daily decrease of 40.00, a weekly decrease of 45.00, and a monthly increase of 22.00, showing a year - on - year decrease of 8.06% [2] - **Futures Contract 09**: The latest price is 1619, with a daily decrease of 26.50, a weekly decrease of 31.00, and a monthly decrease of 25.50, showing a year - on - year decrease of 10.97% [2] - **Futures Contract 01**: The latest price is 1680, with a daily decrease of 38.00, a weekly decrease of 41.00, and a monthly decrease of 19.00, showing a year - on - year decrease of 10.71% [2] - **05 Basis**: The latest basis is 13.00, with a daily increase of 40.00, a weekly increase of 45.00, and a monthly increase of 271.62, showing a year - on - year decrease of 106.01 [2] - **09 Basis**: The latest basis is 162.00, with a daily increase of 26.50, a weekly increase of 31.00, and a monthly increase of 319.12, showing a year - on - year decrease of 61.51 [2] - **01 Basis**: The latest basis is 101.00, with a daily increase of 38.00, a weekly increase of 41.00, and a monthly increase of 312.62, showing a year - on - year decrease of 59.51 [2] - **5 - 9 Spread**: The latest spread is - 88.00, with a daily increase of 2.00, a weekly increase of 4.00, and a monthly decrease of 41.00, showing a year - on - year decrease of 46.50 [2] - **9 - 1 Spread**: The latest spread is 149.00, with a daily decrease of 13.50, a weekly decrease of 14.00, and a monthly increase of 47.50, showing a year - on - year increase of 44.50 [2] - **1 - 5 Spread**: The latest spread is - 61.00, with a daily increase of 11.50, a weekly increase of 10.00, and a monthly decrease of 6.50, showing a year - on - year increase of 2.00 [2] Historical Price Charts - The report also includes historical price charts of coke in different regions such as Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, and Tianjin Port from 2021 to 2025, as well as charts related to coking capacity utilization, coke production, inventory, blast furnace capacity utilization, hot metal output, and coking profit [3][4][5]

Group 1: Report Information - Report Name: "Yongan Synthetic Rubber Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 21, 2025 [3] Group 2: BR Contract Overview - On August 20, the closing price of the BR main contract was 11,715, a daily decrease of 125 and a weekly decrease of 35 [4] - The open interest of the main contract was 35,691, a daily decrease of 89 [4] - The trading volume of the main contract was 169,064, a daily increase of 67,123 and a weekly increase of 88,883 [4] - The number of warehouse receipts was 12,190, a daily decrease of 30 and a weekly increase of 1,720 [4] - The long - short ratio was 14.64, with no daily change and a weekly increase of 2 [4] Group 3: BR Price and Basis - The Shandong market price was 11,600, a daily decrease of 150 and a weekly decrease of 200 [4] - The Chuanhua market price was 11,500, a daily decrease of 250 and a weekly decrease of 200 [4] - The Qilu ex - factory price was 11,900, with no daily change and a weekly increase of 100 [4] - The CFR Northeast Asia price was 1,450, with no daily or weekly change [4] - The CFR Southeast Asia price was 1,725, with no daily change and a weekly decrease of 10 [4] - The butadiene - styrene basis was 435, a daily decrease of 75 and a weekly decrease of 115 [4] - The 8 - 9 month spread was - 80, a daily decrease of 175 and a weekly decrease of 150 [4] - The 9 - 10 month spread was - 10, with no daily change and a weekly increase of 5 [4] Group 4: BR Processing and Trade - The spot processing profit was - 76, a daily increase of 13 and a weekly decrease of 11 [4] - The on - screen processing profit was 39, a daily increase of 38 and a weekly increase of 154 [4] - The import profit was - 85,491, a daily decrease of 173 and a weekly decrease of 996 [4] - The export profit was - 330, a daily increase of 133 and a weekly increase of 172 [4] Group 5: BD Price and Profit - The Shandong market price of BD was 9,290, a daily decrease of 160 and a weekly decrease of 185 [4] - The Jiangsu market price of BD was 9,250, a daily decrease of 100 and a weekly decrease of 150 [4] - The Yangzi ex - factory price of BD was 9,400, with no daily or weekly change [4] - The CFR China price of BD was 1,080, with no daily change and a weekly increase of 10 [4] - The carbon four extraction profit of BD was not available for the latest data [4] - The butene oxidative dehydrogenation profit of BD was 156, a daily decrease of 100 and a weekly decrease of 150 [4] - The import profit of BD was 338, a daily decrease of 102 and a weekly decrease of 230 [4] - The export profit of BD was - 943, a daily increase of 161 and a weekly increase of 345 [4] Group 6: Downstream Profit - The butadiene - styrene production profit was 938 [4] - The ABS production profit data was not available for the latest period [4] - The SBS (791 - H) production profit was 1,145, with no daily or weekly change [4] Group 7: Price Spreads - The RU - BR spread was - 20,016, a daily decrease of 111 and a weekly decrease of 9,259 [4] - The NR - BR spread was - 23,166, a daily decrease of 76 and a weekly decrease of 9,219 [4] - The Thai mixed - butadiene spread was 2,930, a daily increase of 30 and a weekly increase of 130 [4] - The 3L - butadiene - styrene spread was 2,700, a daily increase of 150 and a weekly increase of 200 [4] - The butadiene standard - non - standard price spread was 150, with no daily change and a weekly decrease of 50 [4] - The butadiene - styrene 1502 - 1712 spread was 950, a daily decrease of 50 and a weekly decrease of 50 [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded and then weakened, the near-month spread oscillated, and the EW spread oscillated. The 9-10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal and external spread slightly weakened to -$0.8. The 0.5 cracking spread in Singapore oscillated and weakened, the 9-10 spread weakened to $2.75/ton, and the LU11 internal and external spread oscillated at $9. [4][5] - This week, inventories on land in Singapore decreased, but they were still not the highest in the same period of history. Floating storage decreased significantly on a month-on-month basis. Saudi Arabia's shipments decreased significantly, and arrivals this week oscillated. Shipments from the UAE rebounded on a month-on-month basis, and net exports increased significantly. Land inventories in Fujairah in the Middle East decreased, while floating storage inventories of high-sulfur and low-sulfur fuel oil increased significantly. ARA residue inventories increased, and residue inventories in the United States decreased, resulting in a large inventory contradiction. [5] - The divergence between the East and West of high-sulfur fuel oil continued. In the heavy crude oil pattern, the cracking spread of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. It is expected to return in both directions in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. LU quotas were issued, and the internal and external spreads oscillated. In the short term, pay attention to the opportunity for the high-sulfur 380 EW spread to widen. Fundamentally, the supply of high-sulfur fuel oil is expected to increase, and the supply-demand pattern will weaken. [5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 14th to August 20th, 2025, the prices of Rotterdam 10ppm Gasoil swap M1, Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 10ppm Gasoil swap M1 changed from $631.89 to $646.80, with a change of $9.12. [2] Singapore Fuel Oil Data - In the Singapore market, from August 14th to August 20th, 2025, the prices of Singapore 380cst, Singapore 180cst, Singapore VLSFO, etc. also fluctuated. For example, the price of Singapore 380cst changed from $391.90 to $389.37, with a change of -$2.93. The basis and internal and external spreads of Singapore fuel oil also changed. [2][3] Domestic Fuel Oil Data - In the domestic market, from August 14th to August 20th, 2025, the prices of FU (such as FU 01, FU 05, FU 09) and LU (such as LU 01, LU 05, LU 09) futures contracts and their spreads changed. For example, the price of FU 01 changed from 2750 to 2719, with a change of -6. [3][4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - For PTA, with low processing fees leading to more additional maintenance, and polyester demand expected to stabilize and have upward flexibility, there is a chance to expand processing fees by buying at low prices [3]. - For MEG, the short - term inventory accumulation pressure is small, and the port inventory is expected to remain low. It is expected to fluctuate widely, and attention should be paid to the restart progress of satellite plants [15]. - For polyester staple fiber, as the downstream inventory is continuously reduced, the downstream start - up may continue to rise. Considering the low processing fees, there is an opportunity to expand processing fees by buying at low prices [15]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable with no seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15]. 3. Summary by Related Catalogs PTA - **Price and Margin Changes**: From August 14 to August 20, crude oil increased by 1, PX CFR Taiwan increased by 3, PTA inner - market spot remained unchanged, and POY 150D/48F increased by 55. The TA basis decreased by 13, and the production - sales ratio increased by 0.20 [3]. - **Device Changes**: Yisheng Hainan's 2 million - ton plant was under maintenance [3]. - **Weekly Outlook**: The short - term TA start - up rate increased, polyester load rose slightly, and inventory continued to accumulate. PX's domestic start - up rate increased slightly, and overseas start - up rate decreased slightly. In the future, the supply - demand situation is expected to improve, and attention should be paid to the opportunity to expand processing fees [3]. Styrene - **Price Changes**: From August 14 to August 20, the price of styrene (CFR China) increased by 5, while the prices of other related products such as ethylene (CFR Northeast Asia) remained unchanged or decreased slightly. The domestic profits of EPS, PS decreased by 40 [9]. MEG - **Price and Margin Changes**: From August 14 to August 20, the MEG outer - market price increased by 3, the inner - market price increased by 49, and the coal - based profit increased by 49. The total load and other loads remained unchanged [15]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton plant restarted [15]. - **Weekly Outlook**: The domestic start - up rate remained stable, and overseas there were some unexpected maintenance. The port inventory is expected to accumulate in the short - term, and the market is expected to fluctuate widely [15]. Polyester Staple Fiber - **Price and Operation Changes**: From August 14 to August 20, the price of some products such as 1.4D cotton - type staple fiber remained stable, and the start - up rate increased slightly to 91.1%. The inventory remained stable, and the downstream start - up rate increased, and the raw material inventory increased while the finished - product inventory decreased [15]. - **Weekly Outlook**: The downstream start - up may continue to rise, and there is an opportunity to expand processing fees by buying at low prices [15]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 14 to August 20, the prices of some products such as US - dollar - denominated Thai standard rubber increased, and the RU main contract and NR main contract prices changed. The weekly changes of some price differences and indicators were also significant [15]. - **Daily View**: The main contradiction is that the national explicit inventory remains stable without seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15].