玻璃产销：沙河73，湖北134，华东100，华南97 | | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/8/14 | 2025/8/20 | 2025/8/21 | | 周度变化 日度变化 | | 2025/8/14 | 2025/8/20 | 2025/8/21 | | 周度变化 日度变化 | | 沙河重碱 | 1280.0 | 1210.0 | 1210.0 | -70.0 | 0.0 | SA05合 约 | 1452.0 | 1364.0 | 1362.0 | -90.0 | -2.0 | | 华中重碱 | 1240.0 | 1220.0 | 1220.0 | -20.0 | 0.0 | SA01合约 | 1400.0 | 1309.0 | 1306.0 | -94.0 | -3.0 | | 华南重碱 | 1450.0 | 1450.0 | 1450.0 | 0.0 | 0.0 | SA09合约 | 1294.0 | 1209.0 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on August 22, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities [1][3][4]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,780 (domestic) and 9,618 (LME) with a ratio of 8.19; March price ratio is 8.11. Spot import equilibrium ratio is 8.17 with a profit of 5.76, and spot export profit is - 338.37 [1]. - **Zinc**: Spot price is 22,230 (domestic) and 2,768 (LME) with a ratio of 8.03; March price ratio is 6.04. Spot import equilibrium ratio is 8.66 with a profit of - 1,755.13 [1]. - **Aluminum**: Spot price is 20,680 (domestic) and 2,575 (LME) with a ratio of 8.03; March price ratio is 8.01. Spot import equilibrium ratio is 8.47 with a profit of - 1,135.10 [1]. - **Nickel**: Spot price is 118,850 (domestic) and 14,798 (LME) with a ratio of 8.03. Spot import equilibrium ratio is 8.25 with a profit of - 1,991.00 [1]. - **Lead**: Spot price is 16,625 (domestic) and 1,933 (LME) with a ratio of 8.63; March price ratio is 11.30. Spot import equilibrium ratio is 8.86 with a profit of - 458.35 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 130, - 150, - 160, - 190, while the theoretical spreads are 495, 888, 1,291, 1,693 respectively [4]. - **Zinc**: The spreads are - 45, - 60, - 60, - 65, and the theoretical spreads are 214, 335, 455, 576 respectively [4]. - **Aluminum**: The spreads are 20, - 20, - 55, - 85, and the theoretical spreads are 214, 329, 444, 558 respectively [4]. - **Lead**: The spreads are 20, 35, 55, 80, and the theoretical spreads are 209, 313, 418, 523 respectively [4]. - **Nickel**: The spreads are - 100, 100, 360, 630 [4]. - **Tin**: The 5 - 1 spread is 1,690, and the theoretical spread is 5,536 [4]. 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 3.53, 3.82, 4.68, 0.92, 1.23, 0.75 respectively; for London (three - continuous) are 3.52, 3.76, 4.94, 0.93, 1.31, 0.71 respectively [5]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 120 and - 250, and the theoretical spreads are 395 and 812 respectively [4]. - **Zinc**: The spreads are 55 and 10, and the theoretical spreads are 153 and 281 respectively [5]. - **Lead**: The spreads are 100 and 120, and the theoretical spreads are 176 and 287 respectively [5].

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, with low processing fees, additional maintenance has increased. Although filament sales are weak, there is limited scope for further production cuts in the short - term. Bottle - chip inventories are continuously decreasing at low operation rates. Overall, polyester operation is expected to stabilize and has upward potential, and the supply - demand situation is expected to improve periodically. Attention can be paid to the opportunity of expanding processing fees at low prices [3] - For MEG, domestic unit restarts are partially delayed, and overseas unexpected maintenance exists. Port inventories are expected to remain low with limited short - term inventory accumulation pressure. The situation is good, but the valuation is greatly affected by the subsequent evolution of the cost side, showing a wide - range oscillation. Attention should be paid to the satellite restart progress [8] - For polyester staple fiber, as the finished - product inventory of polyester yarn is continuously decreasing, downstream operation may continue to rise. Although the supply of staple fiber may also increase, the overall space is limited. Considering that the disk processing fee is still in a low range, attention can be paid to the opportunity of expanding processing fees at low prices [8] - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a non - high absolute level but does not show seasonal depletion. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The strategy is to wait and see [8] Summary by Related Catalogs PTA - **Market Data**: From August 15 to August 21, the price of naphtha in Japan increased from 65.9 to 67.7, PX CFR Taiwan from 573 to 585, PTA internal - market spot from 828 to 852, etc. The PTA spot average daily transaction basis for 2509 increased by 6. There were maintenance of Yisheng Hainan's 2 million - ton and Hengli Huizhou's 5 million - ton PTA devices [2] - **Market Situation**: Near - end TA operation rate increased month - on - month, polyester load slightly increased, inventory continued to accumulate, basis remained weak, and spot processing fees were still low. PX domestic operation rate increased slightly, overseas operation rate decreased slightly, PXN strengthened month - on - month, and the US - Asia aromatic hydrocarbon price difference increased slightly [3] MEG - **Market Data**: From August 15 to August 21, the price of Northeast Asian ethylene remained at 830 on August 21, MEG external - market price increased from 523 to 530, etc. The MEG spot basis for 09 increased by 91. Xinjiang Tianying's 150,000 - ton unit restarted [8] - **Market Situation**: Near - end domestic units had partial delayed restarts, and overseas had some unexpected maintenance. Port inventories were expected to accumulate with stable shipments. Downstream inventory levels increased month - on - month, the basis remained stable, and oil - based benefits improved significantly [8] Polyester Staple Fiber - **Market Data**: From August 15 to August 21, the price of 1.4D cotton - type staple fiber increased from 6555 to 6610. The spot price was around 6598, and the market basis for 10 was around - 120. The operation rate slightly increased to 91.1% [8] - **Market Situation**: The Ningbo Dafa technical - transformation unit resumed operation, and production and sales remained stable. Inventory remained the same month - on - month. On the demand side, the operation rate of polyester yarn increased, raw - material inventory increased, and finished - product inventory continued to decrease [8] Natural Rubber & 20 - Number Rubber - **Market Data**: From August 15 to August 21, the price of US - dollar Thai standard spot increased from 1800 to 1800 (with fluctuations in between), and the price of Shanghai full - latex decreased from 14645 to 14520. The daily change and weekly change of various prices are also provided [8] - **Market Situation**: The national explicit inventory remained stable at a non - high absolute level but did not show seasonal depletion. The price of Thai cup rubber rebounded due to rainfall affecting tapping [8] Styrene - **Market Data**: From August 15 to August 21, the price of ethylene (CFR Northeast Asia) remained at 830 on August 21, pure benzene (CFR China) remained at 748, etc. The daily changes of various prices are also provided [11] - **Market Situation**: Not provided

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market shows a pattern of increasing supply and weakening demand, with the spot price center shifting downward. The PG futures market rebounds due to the improvement in the international spot market and the low valuation of the futures. It is expected to continue the weak and volatile consolidation trend [1]. 3) Summary by Related Catalogs Market Data - **Spot Prices**: From August 15 to August 21, 2025, the prices of South China LPG remained at 4520, East China LPG increased from 4410 to 4398, and Shandong LPG rose from 4420 to 4500. The CFR South price of propane increased from 563 to 573, and the CIF Japan price of propane rose from 527 to 540 [1]. - **Daily Changes**: On August 21, compared with the previous day, the prices of South China LPG remained unchanged, East China LPG increased by 8, Shandong LPG increased by 20, the CFR South price of propane increased by 8, and the CIF Japan price of propane increased by 4 [1]. - **Futures Market**: The PG futures market shows a small rebound. The basis strengthened to 105 (-31), and the 09 - 10 spread was -493 (-29). The cheapest deliverable was East China civil gas at 4398 on Thursday [1]. Weekly View - **Market Conditions**: The international market is volatile, with freight rates generally in a high - level volatile state. The waiting time at the Panama Canal for VLGCs has decreased. The FEI and CP have increased, and the production profit of PP made from FEI and CP has weakened [1]. - **Fundamentals**: The unloading volume has decreased, chemical demand has slightly increased, and port inventories have decreased by 2.06%. Refinery commodity volume has decreased by 1.68%. Factory inventories have increased by 0.07%. The PDH operating rate is 76.33% (+2.49pct), and the combustion demand is still weak but gradually coming to an end [1].

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 702.0 0.0 8.0 58.0 -138.0 25省终端可用天数 18.8 -0.2 -1.1 -2.1 1.2 秦皇岛5000 633.0 0.0 3.0 52.0 -107.0 25省终端供煤 603.5 0.0 -5.0 -36.5 -19.3 广州港5500 765.0 0.0 5.0 35.0 -140.0 北方港库存 2330.0 0.0 -39.0 -382.0 -63.2 鄂尔多斯5500 485.0 -5.0 0.0 60.0 -135.0 北方锚地船舶 70.0 3.0 -9.0 -50.0 2.0 大同5500 550.0 -10.0 -5.0 50.0 -140.0 北方港调入量 156.6 6.9 5.1 -0.6 18.6 榆林6000 622.0 0.0 0.0 60.0 -173.0 北方港吞吐量 153.5 -3.1 14.3 17.3 13.5 榆林6200 650.0 0.0 0.0 60.0 -171.0 CBCFI海运指数 823.3 -13.2 -29.2 82.7 2 ...

Report Summary 1. Report Industry Investment Rating - No content provided regarding the report industry investment rating. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst 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 - external spread slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9. [4][5] - Singapore's land inventory decreased this week, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with a large inventory contradiction. [5] - The east - west divergence of high - sulfur continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - crude oil was the strongest. It is expected to return in both directions later. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. [5] - In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the expected supply of high - sulfur will increase, and the supply - demand pattern will weaken. [5] 3. Data Summaries Rotterdam Fuel Oil Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.27 | 385.76 | 383.41 | 386.27 | 386.40 | 0.13 | | Rotterdam 0.5% VLS FO Swap M1 | 452.69 | 446.79 | 445.77 | 447.87 | 452.12 | 4.25 | | Rotterdam HSFO - Brent M1 | - 4.33 | - 4.74 | - 5.18 | - 5.40 | - 6.25 | - 0.85 | | Rotterdam 10ppm Gasoil Swap M1 | 635.32 | 624.64 | 637.68 | 647.20 | 657.30 | 10.10 | | Rotterdam VLSFO - Gasoil M1 | - 182.63 | - 177.85 | - 191.91 | - 199.33 | - 205.18 | - 5.85 | | LGO - Brent M1 | 21.97 | 19.81 | 22.26 | 22.39 | 22.97 | 0.58 | | Rotterdam VLSFO - HSFO M1 | 62.42 | 61.03 | 62.36 | 61.60 | 65.72 | 4.12 | [2] Singapore Fuel Oil Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 390.95 | 391.35 | 386.44 | 388.83 | 392.45 | | Singapore 180cst M1 | 403.51 | 403.47 | 401.16 | 402.12 | 401.16 | | Singapore VLSFO M1 | 476.79 | 476.24 | 474.78 | 475.48 | 480.02 | | Singapore Gasoil M1 | 82.76 | 82.50 | 83.18 | 84.72 | 86.11 | | Singapore 380cst - Brent M1 | - 4.09 | - 3.57 | - 4.67 | - 4.63 | - 5.30 | | Singapore VLSFO - Gasoil M1 | - 135.63 | - 134.26 | - 140.75 | - 151.45 | - 157.19 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.36 | 387.68 | 383.23 | 386.10 | 388.12 | 2.02 | | FOB VLSFO | 477.51 | 475.97 | 474.41 | 474.94 | 478.38 | 3.44 | | 380 Basis | - 3.40 | - 2.90 | - 3.25 | - 2.65 | - 1.15 | 1.50 | | High - sulfur Internal - External Spread | 2.5 | 0.1 | - 3.3 | - 1.8 | - 3.5 | - 1.7 | | Low - sulfur Internal - External Spread | 8.2 | 8.7 | 8.7 | 8.9 | 6.9 | - 2.0 | [3] Domestic FU Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2746 | 2739 | 2713 | 2719 | 2736 | 17 | | FU 05 | 2741 | 2735 | 2713 | 2712 | 2731 | 19 | | FU 09 | 2691 | 2713 | 2686 | 2687 | 2698 | 11 | | FU 01 - 05 | 5 | 4 | 0 | 7 | 5 | - 2 | | FU 05 - 09 | 50 | 22 | 27 | 25 | 33 | 8 | | FU 09 - 01 | - 55 | - 26 | - 27 | - 32 | - 38 | - 6 | [3] Domestic LU Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3420 | 3426 | 3417 | 3411 | 3443 | 32 | | LU 05 | 3395 | 3391 | 3390 | 3376 | 3413 | 37 | | LU 09 | 3423 | 3477 | 3452 | 3422 | 3456 | 34 | | LU 01 - 05 | 25 | 35 | 27 | 35 | 30 | - 5 | | LU 05 - 09 | - 28 | - 86 | - 62 | - 46 | - 43 | 3 | | LU 09 - 01 | 3 | 51 | 35 | 11 | 13 | 2 | [4]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: August 22, 2025 [1] Price and Inventory Data Coal Prices - The latest price of Liulin Main Coking Coal is 1453.00, with no daily change, a weekly increase of 49.00, a monthly increase of 4.00, and an annual decrease of 3.13% [2] - The latest price of Raw Coal Port Delivery Price is 956.00, with a daily increase of 20.00, a weekly decrease of 40.00, a monthly decrease of 40.00, and an annual decrease of 18.98% [2] - The latest price of Shaheyi Meng 5 is 1380.00, with no daily or weekly change, a monthly increase of 160.00, and an annual decrease of 17.86% [2] - The latest price of Anze Main Coking Coal is 1470.00, with no daily or weekly change, a monthly increase of 70.00, and an annual decrease of 13.53% [2] International Coal Prices - The latest price of Peak Downs is 205.00, with a daily decrease of 0.50, a weekly decrease of 2.50, a monthly increase of 18.00, and an annual decrease of 5.50 [2] - The latest price of Goonyella is 208.30, with a daily decrease of 0.50, a weekly decrease of 3.20, a monthly increase of 20.30, and an annual decrease of 2.20 [2] Futures Prices - The latest price of Futures Contract 05 is 1209.50, with a daily increase of 10.50, a weekly decrease of 61.50, a monthly decrease of 32.50, and an annual decrease of 7.88% [2] - The latest price of Futures Contract 09 is 1044.50, with a daily increase of 11.50, a weekly decrease of 31.50, a monthly decrease of 121.50, and an annual decrease of 21.41% [2] - The latest price of Futures Contract 01 is 1164.00, with a daily decrease of 0.50, a weekly decrease of 59.50, a monthly decrease of 57.00, and an annual decrease of 12.28% [2] Inventory Data - The total coking coal inventory is 3473.61, with a weekly increase of 50.04, a monthly decrease of 43.06, and an annual decrease of 2.68% [2] - The coal mine inventory is 275.64, with a weekly increase of 17.97, a monthly decrease of 2.80, and an annual decrease of 14.55% [2] - The port inventory is 255.49, with a weekly decrease of 21.85, a monthly decrease of 66.01, and an annual decrease of 25.59% [2] - The steel mill coking coal inventory is 805.80, with a weekly decrease of 2.86, a monthly increase of 14.70, and an annual increase of 14.08% [2] - The coking plant coking coal inventory is 976.88, with a weekly decrease of 11.04, a monthly increase of 47.77, and an annual increase of 20.44% [2] Capacity Utilization and Other Data - The coking capacity utilization rate is 74.42, with a weekly increase of 0.08, a monthly increase of 0.97, and an annual increase of 3.16% [2] - The coking coke inventory is 86.17, with no weekly change, a monthly decrease of 0.80, and an annual decrease of 0.75% [2] - The 5 - 9 spread is 165.00, with a daily decrease of 1.00, a weekly decrease of 30.00, a monthly increase of 89.00, and an annual decrease of 11.31% [2] - The 9 - 1 spread is -119.50, with a daily increase of 12.00, a weekly increase of 28.00, a monthly decrease of 64.50, and an annual decrease of 60.75% [2] - The 1 - 5 spread is -45.50, with a daily decrease of 11.00, a weekly increase of 2.00, a monthly decrease of 24.50, and an annual decrease of 4.25% [2] - The 05 basis is 43.03, with a daily decrease of 10.50, a weekly increase of 61.50, a monthly increase of 216.41, and an annual decrease of 242.48 [2] - The 09 basis is 208.03, with a daily decrease of 11.50, a weekly increase of 31.50, a monthly increase of 305.41, and an annual decrease of 0.23 [2] - The 01 basis is 88.53, with a daily increase of 0.50, a weekly increase of 59.50, a monthly increase of 240.91, and an annual decrease of 0.67 [2] Historical Price Charts - The report also includes historical price charts of various coking coals from 2021 to 2025, such as Liulin Main Coking Coal, Mongolian Coal Warehouse Receipt, Mongolian Port Raw Coal Delivery Price, etc [3][4][5][6]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints No core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约价格从7月23日的3594降至8月21日的3465，日度变化为11，周度变化为 -38 [4] - BU06价格从3391变为3342，日度变化27，周度变化4 [4] - BU09价格从3594变为3496，日度变化3，周度变化 -38 [4] - BU12价格从3460变为3373，日度变化19，周度变化 -33 [4] - BU03价格从3406变为3340，日度变化20，周度变化0 [4] Trading Volume and Open Interest - 成交量从7月23日的300486变为8月21日的194917，日度变化 -27620，周度变化18196 [4] - 持仓量从459411变为424013，日度变化 -5954，周度变化 -20467 [4] - 合计从42950变为30940，日度变化 -200，周度变化 -1100 [4] Market Prices - 山东市场价从3845变为3510，日度变化 -20，周度变化 -130 [4] - 华东市场价从3780变为3720，日度变化0，周度变化 -10 [4] - 华南市场价从3590变为3490，日度变化 -20，周度变化 -40 [4] - 华北市场价从3730变为3660，日度变化 -10，周度变化 -30 [4] - 东北市场价维持3880，日度和周度变化均为0 [4] Spot Prices - 京博 (海韵) 价格维持3670，日度和周度变化均为0 [4] - 露海(鑫渤海) 价格从3730变为3660，日度变化 -10，周度变化 -30 [4] Basis and Calendar Spreads - 山东 - 华东价差从 -90变为 -210，日度变化 -20，周度变化 -120 [4] - 山东 - 东北价差从 -85变为 -370，日度变化 -20，周度变化 -130 [4] - 华东 - 华南价差从190变为230，日度变化20，周度变化30 [4] - 山东基差从251变为45，日度变化 -31，周度变化 -92 [4] - 华东基差从186变为256，日度变化 -11，周度变化28 [4] - 华南基差从 -4变为25，日度变化 -31，周度变化 -2 [4] - 03 - 06月差从15变为 -2，日度变化 -7，周度变化 -4 [4] - 06 - 09月差从 -203变为 -154，日度变化24，周度变化42 [4] - 09 - 12月差从134变为123，日度变化 -16，周度变化 -5 [4] - 12 - 03月差从54变为33，日度变化 -1，周度变化 -33 [4] - 连一 - 连二月差从36变为42，日度变化 -8，周度变化11 [4] Crack Spreads and Profits - 沥青Brent裂差从30变为74（部分数据缺失） [4] - 沥青马瑞利润从 -42变为 -1（部分数据缺失） [4] - 普通炼厂综合利润从447变为496（部分数据缺失） [4] - 马瑞型炼厂综合利润从724变为762（部分数据缺失） [4] - 进口利润(韩国 - 华东) 从 -52变为 -131，日度变化0，周度变化 -5 [4] - 进口利润（新加坡 - 华南）从 -962变为 -1058，日度变化 -18，周度变化 -31 [4] Related Prices - Brent原油价格从68.6变为66.8，日度变化1.1，周度变化0.0 [4] - 汽油山东市场价从7799变为7655，日度变化7，周度变化 -77 [4] - 柴油山东市场价从6562变为6516，日度变化12，周度变化 -46 [4] - 渣油山东市场价维持3660，日度变化0，周度变化30 [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No explicit core view presented in the provided text. 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 766, up 2 from the previous day and down 1 for the week; PB powder is 769, up 2 and down 2; Macfarlane powder is 755, unchanged for the day and down 7 for the week; Jinbuba powder is 743, up 2 and unchanged for the week; mainstream mixed powder is 705, up 5 for both the day and the week; super special powder is 652, up 4 and 7; Carajás powder is 880, up 2 and 2 [1]. - **Brazilian Iron Ore**: Brazilian blend is 812, up 6 and 5; Brazilian coarse IOC6 is 777, up 7 and 14; Brazilian coarse SSFG is 782, up 7 and 14 [1]. - **Other Regions**: Ukrainian concentrate powder is 877, up 4 and unchanged for the week; 61% Indian powder is 732, up 2 and unchanged for the week; Karara concentrate powder is 877, up 4 and unchanged for the week; Roy Hill powder is 739, up 2 and down 2; KUMBA powder is 828, up 2 and down 3; 57% Indian powder is 597, up 4 and 7; Atlas powder is 700, up 5 and 5 [1]. - **Domestic Ore**: Tangshan iron concentrate powder is 977, unchanged for both the day and the week [1]. Futures Market - **DCE Contracts**: i2601 is 772.5, up 3.5 from the previous day and down 2.5 for the week; i2605 is 748.0, up 1.0 and down 5.0; i2509 is 791.0, up 5.0 and unchanged for the week [1]. - **SGX Contracts**: FE01 is 100.17, down 0.32 and 2.51; FE05 is 97.90, down 0.16 and 2.50; FE09 is 100.75, down 0.30 and 2.76 [1]. Premium and Spread - **Premium**: PB block/block ore premium and U - ball/pellet premium data are presented with historical trends from 2021 - 2025 [1]. - **Spread**: The monthly spreads of different contracts are provided, such as i2601 has a monthly spread of 18.5, up 41.0 from the previous day and down 1.3 for the week [1].

Group 1: Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Report Date: August 22, 2025 [3] Group 2: BR Main Contract Data - Closing Price: On August 21, it was 11,775, with a daily change of 60 and a weekly change of 130 [4] - Open Interest: On August 21, it was 38,436, with a daily change of 2,745 and a weekly change of 14,763 [4] - Trading Volume: On August 21, it was 106,881, with a daily change of -62,183 and a weekly change of 38,728 [4] - Warehouse Receipt Quantity: On August 21, it was 12,190, with no daily change and a weekly change of 1,720 [4] - Virtual-to-Physical Ratio: On August 21, it was 15.77, with a weekly change of 4 [4] Group 3: BR Basis and Spread Data - Butadiene Styrene Basis: On August 21, it was 510, with a daily change of 90 and a weekly change of -80 [4] - 8 - 9 Month Spread: On August 21, it was 70, with a daily change of 150 and a weekly change of -185 [4] - 9 - 10 Month Spread: On August 21, it was -20, with a daily change of -10 and a weekly change of -20 [4] Group 4: BR Price Data - Shandong Market Price: On August 21, it was 11,750, with a daily change of 150 and a weekly change of 50 [4] - Chuanhua Market Price: On August 21, it was 11,700, with a daily change of 200 and a weekly change of 50 [4] - Qilu Factory Price: On August 21, it was 11,900, with no daily change and a weekly change of 100 [4] - CFR Northeast Asia: On August 21, it was 1,450, with no daily change and no weekly change [4] - CFR Southeast Asia: On August 21, it was 1,725, with no daily change and a weekly change of -10 [4] Group 5: BR Processing and Import - Export Data - Spot Processing Profit: On August 21, it was -64, with a daily change of 12 [4] - Futures Processing Profit: On August 21, it was -39, with a daily change of -78 and a weekly change of 105 [4] - Import Profit: On August 21, it was -85,257, with a daily change of 142 and a weekly change of -733 [4] - Export Profit: On August 21, it was -469, with a daily change of -130 and a weekly change of -46 [4] Group 6: BD Price Data - Shandong Market Price: On August 21, it was 9,425, with a daily change of 135 and a weekly change of 25 [4] - Jiangsu Market Price: On August 21, it was 9,350, with a daily change of 100 and a weekly change of 50 [4] - Yangzi Factory Price: On August 21, it was 9,400, with no daily change and no weekly change [4] - CFR China: On August 21, it was 1,080, with no daily change and a weekly change of 10 [4] Group 7: BD Processing and Import - Export Data - Carbon Four Extraction Profit: The data on August 21 was N/A [4] - Butene Oxidative Dehydrogenation Profit: On August 21, it was 256, with a daily change of 100 and a weekly change of 50 [4] - Import Profit: On August 21, it was 442, with a daily change of [missing value] and a weekly change of -29 [4] - Export Profit: On August 21, it was 1,037, with a daily change of -15 and a weekly change of 26 [4] Group 8: Downstream Product Profit Data - Butadiene - Styrene Production Profit: On August 21, it was 938, with no daily change and a weekly change of 100 [4] - ABS Production Profit: The data on August 21 was N/A [4] - SBS Production Profit (791 - H): On August 21, it was 1,145, with no daily change and no weekly change [4] Group 9: Inter - Variety Spread Data - RU - BR: On August 21, it was -22,716, with a daily change of -2,700 and a weekly change of -14,678 [4] - NR - BR: On August 21, it was -25,836, with a daily change of -2,670 and a weekly change of -14,653 [4] - Thai Mixed - Butadiene: On August 21, it was 2,870, with a daily change of -60 and a weekly change of 150 [4] - 3L - Butadiene - Styrene: On August 21, it was 2,600, with a daily change of -100 and a weekly change of 150 [4] Group 10: Intra - Variety Spread Data - Butadiene Standard - Non - Standard Price Difference: On August 21, it was 150, with no daily change and a weekly change of -50 [4] - Butadiene - Styrene 1502 - 1712: On August 21, it was 1,000, with a daily change of 50 and no weekly change [4]