| | 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 | 1503.00 | 0.00 | 0.00 | -2.00 | 7.36% Peak Downs | 201.50 | -0.50 | -1.00 | -3.50 | -19.10 | | 原煤口岸库提价 | 1038.00 | -2.00 | 38.00 | 60.00 | -8.95% Goonyella | 202.00 | -1.00 | -1.00 | -6.30 | -15.00 | | 沙河驿蒙5# | 1390.00 | 40.00 | 40.00 | 10.00 | -14.20% 盘面05 | 1316.00 | 15.00 | 13.50 | 112.00 | -1.61% | | 安泽主焦 | 1580.00 | 80.00 | 80.00 | 110.00 | -8.67% 盘面09 | 1386.00 | 1 ...

| | | | 钢材早报 | | 研究中心黑色团队 2025/09/25 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/09/18 | 3160 | 3230 | 3260 | 3200 | 3320 | 3290 | | 2025/09/19 | 3200 | 3280 | 3260 | 3200 | 3320 | 3290 | | 2025/09/22 | 3210 | 3290 | 3330 | 3250 | 3370 | 3330 | | 2025/09/23 | 3180 | 3250 | 3270 | 3200 | 3330 | 3270 | | 2025/09/24 | 3180 | 3290 | 3270 | 3200 | 3330 | 3270 | | 变化 | 0 | 40 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海 ...

| 锌 ： | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | 现货升贴水 | 上海锌锭价格 | 天津锌锭价格 | 广东锌锭价格 | 锌社会库存 | 沪锌交易所库存 | | 2025/09/18 | -50 | 22010 | 21980 | 22000 | 14.78 | 87032 | | 2025/09/19 | -50 | 21990 | 21980 | 21980 | 14.78 | 99315 | | 2025/09/22 | -50 | 21950 | 21950 | 21950 | 14.61 | 99315 | | 2025/09/23 | -50 | 21880 | 21880 | 21880 | 14.61 | 99315 | | 2025/09/24 | -50 | 21820 | 21830 | 21830 | 14.61 | 99315 | | 变化 | 0 | -60 | -50 | -50 | 0.00 | 0 | | 日期 | 沪锌现货进口盈利 | 沪锌期货进口盈利 | 锌保税库premium | ...

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 25, 2025 [2] SP Main Contract Closing Price - On September 24, 2025, the SP main contract closing price was 5044.00, with a 0.71885% increase from the previous day. The converted US dollar price was 618.06. The Shandong Yinxing basis was 566, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 581 [3] Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -533.29, and for Chilean Yinxing was -91.92. The previous day's exchange rate was 7.12 [4] Price Averages - From September 18 - 24, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong regional average prices also remained unchanged [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from September 19 - 24, 2025 [4] Profit Margins - The double - offset profit margin on September 24, 2025, was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the living paper profit margin was 6.7258%, with a 0.0382 change compared to previous data [4] Price Spreads - On September 24, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1785, and the softwood - waste paper price spread was 4034 [4]

原油成品油早报 研究中心能化团队 2025/09/25 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | 2月差 | T | RT（EFS | OB | T | HO | | | 2025/09/18 | 63.57 | 67.44 | 70.23 | - | 0.52 | -3.87 | 0.39 | 201.14 | 17.04 | 234.00 | 30.84 | | 2025/09/19 | 62.68 | 66.68 | 69.88 | - | 0.64 | -4.00 | 0.46 | 197.07 | 16.09 | 229.89 | 29.87 | | 2025/09/22 | 62.28 | 66.57 | 69.74 | - | ...

Price Performance - London Gold's latest price is 3783.80 with a change of 0.00 [3] - London Silver's latest price is 44.33 with a change of 0.00 [3] - London Platinum's latest price is 1413.00 with a change of 0.00 [3] - London Palladium's latest price is 1176.00 with a change of 0.00 [3] - WTI Crude's latest price is 63.41 with a change of 0.00 [3] - LME Copper's latest price is 9966.00 with a change of -1.00 [3] - The latest Dollar Index is 97.24 [3] - The latest Euro to US Dollar exchange rate is 1.18 [3] - The latest Pound to US Dollar exchange rate is 1.35 [3] - The latest US Dollar to Japanese Yen exchange rate is 147.66 [3] - The latest US 10 - year TIPS is 1.75 [3] Trading Data - COMEX Silver's latest inventory is 16383.70 with a change of 0.00 [4] - SHFE Silver's latest inventory is 1161.80 with a change of 12.76 [4] - Gold ETF's latest holding is 996.85 with a change of -3.72 [4] - Silver ETF's latest holding is 15469.12 with a change of 0.00 [4] - SGE Silver's latest inventory is 1248.26 with a change of 0.00 [4] - SGE Gold's latest deferred fee payment direction is 2 with a change of 0.00 [4] - SGE Silver's latest deferred fee payment direction is 1 with a change of 0.00 [4]

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铁矿石早报 研究中心黑色团队 2025/9/25 | | | | | | 现货 | | | 远期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 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 | | | 普氏62指数 | | 106.20 | -0.55 | 0.30 | | | | | | | | | | 纽曼粉 | 790 | 0 | -3 | | 845.5 | 104.05 | 0.15 | 0.50 | -36.56 | | | | PB粉 | 793 | -1 | -2 | | 841.5 | 106.80 | 0.10 | 0.55 | -18.08 | | | 澳洲 | 麦克粉 | 783 | 0 | -1 | | 855.2 | 102.75 | 0.10 | 0.45 | -8.93 | | | | 金布巴 | 764 | -1 | -2 | | 858.1 | 99.95 | 0.10 | -0.1 ...

集运宝宝 | | | | | | | 研究中心能化团队 | | | 2025/9/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 导演 | | 昨日收盘价 | 涨跌 (%) | 募 | 昨日成交量 | | 昨日持仓量 | 持仓变动 | | 期货 | EC2510 | | 1114.4 | 1.31 | 325.8 | 46816 | | 40940 | 5568 | | | EC2512 | | 1696.5 | 4.50 | -256.3 | 26219 | | 22606 | 433 | | | EC2602 | | 1588.1 | 3.42 | -147.9 | 4582 | | 8043 | 442 | | | EC2604 | | 1261.0 | 2.14 | 179.2 | 1655 | | 8931 | 777 | | | EC2606 | | 1445.3 | 1.69 | -5.1 | | 105 | ે રેસ્ટ | -6 | | | 月差 | | 前一日 | 前内日 | 前一日 | 日环比 ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently showed wide - range oscillations. The domestic FU showed an oscillating and slightly bullish trend in the short term. The low - sulfur cracking spread rebounded slightly but was at a historically low level compared to the same period. The month - spread was weakly sorted. The domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [3][4]. - Fundamentally, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by the reshaping of logistics and the demand for high - sulfur marine fuel in Singapore, the EW spread has been repaired. Recently, refinery feedstock purchases have supported the 380 cracking level, with limited short - term downside space, and the 380 cracking spread is expected to maintain an oscillating pattern [4]. - This week, the LU market remained weak. The issuance of the third batch of export quotas was in line with expectations, and the MF0.5 basis of the outer market oscillated at a low level. In the fourth quarter, one can buy on dips to widen the domestic and foreign spreads of LU, and pay attention to the quota usage [4]. 3) Summary by Related Catalogs Rotterdam Fuel Oil Swap Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/22) | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 383.35 | 386.97 | 5.78 | | Rotterdam 0.5% VLS FO Swap M1 | 434.21 | 427.29 | 3.12 | | Rotterdam HSFO - Brent M1 | - 6.64 | - 4.97 | 0.17 | | Rotterdam 10ppm Gasoil Swap M1 | 677.55 | 664.85 | 5.62 | | Rotterdam VLSFO - G O M1 | - 243.34 | - 237.56 | - 2.50 | | LGO - Brent M1 | 25.18 | 24.40 | - 0.91 | | Rotterdam VLSFO - HSFO M1 | 50.86 | 40.32 | - 2.66 | [1] Singapore Fuel Oil Swap Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 396.06 | 405.15 | 10.91 | | Singapore 180cst M1 | 407.26 | 414.65 | 12.15 | | Singapore VLSFO M1 | 472.28 | 468.56 | 5.45 | | Singapore GO M1 | 88.34 | 88.66 | 2.00 | | Singapore 380cst - Brent M1 | - 4.97 | - 3.17 | 0.57 | | Singapore VLSFO - G O M1 | - 181.44 | - 187.52 | - 9.35 | [1] Singapore Fuel Oil Spot Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | FOB 380cst | 397.47 | 406.82 | 11.62 | | FOB VLSFO | 472.07 | 466.07 | 4.92 | | 380 Basis | 0.60 | 1.45 | 0.45 | | High - Sulfur Domestic - Foreign Spread | 7.5 | 6.9 | - 2.8 | | Low - Sulfur Domestic - Foreign Spread | 9.7 | 9.4 | - 0.5 | [2] Domestic FU Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | FU 01 | 2798 | 2860 | 101 | | FU 05 | 2754 | 2808 | 90 | | FU 09 | 2698 | 2726 | 53 | | FU 01 - 05 | 44 | 52 | 11 | | FU 05 - 09 | 56 | 82 | 37 | | FU 09 - 01 | - 100 | - 134 | - 48 | [2] Domestic LU Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | LU 01 | 3385 | 3367 | 42 | | LU 05 | 3368 | 3347 | 45 | | LU 09 | 3322 | 3319 | 33 | | LU 01 - 05 | 17 | 20 | - 3 | | LU 05 - 09 | 46 | 28 | 12 | | LU 09 - 01 | - 63 | - 48 | - 9 | [3]