| | 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 ...

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]

中证报中证网讯（王珞）为充分发挥期货市场服务实体经济功能作用，增强企业风险管理意识，进一步 提升企业套期保值能力和风险管理水平，9月23日，由宁波市委金融办、宁波证监局指导，大连商品交 易所支持，中国期货市场监控中心、宁波市证券期货业协会、宁波上市公司协会和永安期货（600927） 联合举办的"第六期宁波地区大宗商品产业培训班"在宁波启幕。宁波地区上市公司、拟上市公司、大宗 贸易商、"专精特新"等中小企业的百余名学员代表参加培训。 热联集团产业咨询服务负责人王奇介绍了期权市场的概况和发展历史沿革，并就期权的十要素及影响期 权价格的因素进行了详细讲解。他表示，衍生品是实体产业扩大规模、穿越周期的重要工具。企业从现 货公司升级为现期公司，再到期现服务商，通过基差贸易、含权贸易等服务，整合资金、价格、货物和 信息流，为上下游提供个性化风险管理与采销优化方案。期权等工具应围绕库存、产能、订单三大风险 管理，及采购、销售两大优化场景专业运用，以服务实体稳经营需求。 永安国油能源公司董事长方正庭聚焦大宗商品贸易中的价格矛盾，引出基差贸易的概念、模式及应用场 景。基于基差的原理，他介绍了四大基差贸易模式，并通过详细案例讲解 ...

参加培训的企业代表均表示，通过本次系统性的理论授课、前沿的案例分析及深度的同业研讨进一步提 升了企业对期货及衍生品工具的认知水平和应用能力，对于引导树立正确的风险管理理念，有助于企业 在复杂多变的市场环境中增强抗风险能力和核心竞争力。 宁波市证券期货业协会相关负责人也表示，将以本期培训为新的起点，持续深化服务实体经济内涵，积 极联合证监会系统单位等各方力量，共同搭建更广阔的合作平台，为促进宁波期现市场互联互通，营造 良好的产融结合发展环境。 大连商品交易所相关业务负责人在活动中表示，近年来，大宗商品价格波动加剧，实体企业风险管理需 求迫切。大商所在持续完善产品体系、不断丰富市场服务模式、深化场外建设、加快高水平对外开放等 方面努力为实体经济健康发展保驾护航。宁波的经济结构与大商所上市品种关联度较高，一直以来都是 大商所产业服务的重要区域之一。举办本次产业培训活动，就是希望在地方政府部门的支持下，能与证 监会系统单位一起，帮助实体企业进一步认识期货市场的功能与作用，依托衍生品工具强化风险管理能 力、提升企业管理水平，积极为宁波实体经济的高质量发展助力赋能。 中国期货市场监控中心相关部门负责人在致辞中提到，近年来 ...

Group 1: Report's Core View - Singapore 380cst high - sulfur cracking oscillated this week, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently had wide - range oscillations. The FU internal and external near - month also oscillated. The low - sulfur cracking rebounded slightly but was at a historically low level compared to the same period. The month spread was weakly sorted. The LU internal and external price rebounded slightly to 8 - 9 US dollars/ton, and the MF0.5 basis oscillated [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. With logistics reshaping and the support of Singapore's high - sulfur marine fuel demand, the EW spread has completed the repair. Recently, refinery feedstock procurement has supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the domestic FU will have an oscillating and bullish outlook in the short - term. This week, the LU disk was still weak. The issuance of the third batch of export quotas was in line with expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the LU internal and external spread can be expanded on dips, and attention should be paid to the quota usage [5]. Group 2: Data Summary Rotterdam Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 384.75 | 383.35 | 382.97 | 386.97 | 397.95 | 10.98 | | Rotterdam 0.5% VLS FO swap M1 | 441.33 | 434.21 | 427.48 | 427.29 | 435.42 | 8.13 | | Rotterdam HSFO - Brent M1 | - 6.96 | - 6.64 | - 5.82 | - 4.97 | - 4.64 | 0.33 | | Rotterdam 10ppm Gasoil swap M1 | 679.88 | 677.55 | 668.48 | 664.85 | 681.15 | 16.30 | | Rotterdam VLSFO - G O M1 | - 238.55 | - 243.34 | - 241.00 | - 237.56 | - 245.73 | - 8.17 | | LGO - Brent M1 | 24.97 | 25.18 | 24.80 | 24.40 | 25.56 | 1.16 | | Rotterdam VLSFO - HSFO M1 | 56.58 | 50.86 | 44.51 | 40.32 | 37.47 | - 2.85 | [3] Singapore Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 397.55 | 396.06 | 390.12 | 393.02 | 394.24 | 1.22 | | Singapore 180cst M1 | 407.42 | 407.26 | 400.69 | 403.27 | 402.50 | - 0.77 | | Singapore VLSFO M1 | 475.76 | 472.28 | 465.21 | 465.33 | 463.11 | - 2.22 | | Singapore GO M1 | 89.51 | 88.34 | 87.81 | 87.43 | 86.66 | - 0.77 | | Singapore 380cst - Brent M1 | - 5.03 | - 4.97 | - 5.13 | - 4.47 | - 3.74 | 0.73 | | Singapore VLSFO - G O M1 | - 186.61 | - 181.44 | - 184.58 | - 181.65 | - 178.17 | 3.48 | | Singapore Fuel Oil Spot - FOB 380cst | 397.68 | 397.47 | 390.94 | 393.48 | 395.20 | 1.72 | | Singapore Fuel Oil Spot - FOB VLSFO | 477.54 | 472.07 | 464.79 | 463.33 | 461.15 | - 2.18 | | Singapore Fuel Oil Spot - 380 basis | - 0.40 | 0.60 | 0.40 | 0.60 | 1.00 | 0.40 | | Singapore Fuel Oil Spot - High - sulfur internal - external spread | 7.6 | 7.5 | - | 6.0 | 9.7 | 3.7 | | Singapore Fuel Oil Spot - Low - sulfur internal - external spread | 9.3 | 9.7 | - | 9.7 | 9.9 | 0.2 | [3][9] Domestic FU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2831 | 2798 | 2796 | 2784 | 2759 | - 25 | | FU 05 | 2787 | 2754 | 2754 | 2743 | 2718 | - 25 | | FU 09 | 2722 | 2698 | 2699 | 2697 | 2673 | - 24 | | FU 01 - 05 | 44 | 44 | 42 | 41 | 41 | 0 | | FU 05 - 09 | 65 | 56 | 55 | 46 | 45 | - 1 | | FU 09 - 01 | - 109 | - 100 | - 97 | - 87 | - 86 | 1 | [3] Domestic LU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3432 | 3385 | 3362 | 3351 | 3325 | - 26 | | LU 05 | 3405 | 3368 | 3337 | 3342 | 3302 | - 40 | | LU 09 | 3350 | 3322 | 3308 | 3306 | 3286 | - 20 | | LU 01 - 05 | 27 | 17 | 25 | 9 | 23 | 14 | | LU 05 - 09 | 55 | 46 | 29 | 36 | 16 | - 20 | | LU 09 - 01 | - 82 | - 63 | - 54 | - 45 | - 39 | 6 | [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, the EC futures market is under pressure from spot prices. The price in early October is expected to decline, with a potential rebound in late October (before the National Day), but more likely to stabilize due to the off - season [1]. - From a medium - term perspective, considering multiple upward drivers, the 02 contract has a higher cost - performance for long - position allocation as the Spring Festival in 2026 is relatively late (February 17, 2026), which may lead to a higher settlement price. The 04 contract, being an off - season contract, is suitable for short - position allocation in the short term, but its low liquidity may cause price fluctuations. Attention should be paid to the 02 and 04 contracts. Also, be aware of the pre - holiday position - reduction volatility and the capital transfer risk of the 10 contract [8]. 3. Summary by Related Catalogs 3.1 EC Futures Contract Price and Trading Volume - **Contract Prices**: The prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1100.0, 1623.4, 1535.6, 1234.6, and 1421.3 respectively, with daily changes of 0.58%, - 1.84%, - 2.41%, - 3.17%, and - 2.28% [1]. - **Trading Volumes**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 28527, 12535, 2521, 1838, and 157 respectively [1]. - **Open Interest**: The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 41508, 22118, 7601, 8854, and 961 respectively, with changes of - 4522, 162, 203, - 68, and 11 [1]. 3.2 Month - to - Month Spreads - **EC2510 - 2512**: The spread is - 523.4, with a daily increase of 36.8 and a weekly increase of 38.9 [1]. - **EC2512 - 2602**: The spread is 87.8, with a daily increase of 7.5 and a weekly decrease of 5.4 [1]. 3.3 Spot Freight Rate Indexes - **TCI**: Updated every Monday, as of September 15, 2025, it is 1440.24 points, down 8.06% from the previous period and 11.68% from the period before that [1]. - **SCFI (European Line)**: Updated weekly, as of September 19, 2025, it is 1052 dollars/EU, down 8.84% from the previous period and 12.24% from the period before that [1]. - **CCFI (European Line)**: Updated every Friday, as of September 19, 2025, it is 1470.97 points, down 4.31% from the previous period and 6.19% from the period before that [1]. - **NCFI (European Line)**: Updated every Friday, as of September 19, 2025, it is 673.61 points, down 7.65% from the previous period and 14.78% from the period before that [1]. 3.4 European Line Spot Quotations - **Week 39**: The average quotation is 1600 dollars (equivalent to 1150 points on the disk). MSK's quotation is 1500 dollars (later rising to 1570), PA Alliance's is 1550 - 1600 dollars, and OA Alliance's is 1600 - 1720 dollars [2]. - **Week 40 - 41**: The average quotation is 1450 dollars (equivalent to 1020 points on the disk). MSK's is 1400 dollars; PA's is 1300 - 1500 dollars, with YML's 1300 dollars being the lowest price of the year; OA's is 1400 - 1600 dollars [2]. 3.5 Related News - On September 23, the Polish Prime Minister decided to reopen the border crossing with Russia. The Polish Interior Minister is expected to issue a relevant order, and border traffic is expected to resume between Wednesday and Thursday midnight [3]. - On September 23, Trump expected the meeting on the Gaza issue to be successful and hoped for an end to the war in Gaza [3]. - A UN investigation report showed that the Israeli government intends to establish permanent control in the Gaza Strip [3].

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 23, 2025 [1] Key Price and Inventory Data Coal Prices - The latest price of Liulin Main Coking Coal is 1503.00, with a weekly increase of 102.00 and an annual increase of 7.36% [2] - The latest price of Raw Coal Port Delivery Price is 1020.00, with a daily increase of 11.00, a weekly increase of 70.00, a monthly increase of 72.00, and an annual decrease of 10.53% [2] - The latest price of Shaheyi Meng 5 is 1350.00, with a monthly decrease of 30.00 and an annual decrease of 18.18% [2] - The latest price of Anze Main Coking Coal is 1500.00, with a weekly increase of 80.00, a monthly increase of 30.00, and an annual decrease of 10.71% [2] Future Prices - The latest price of Futures 05 is 1323.00, with a daily increase of 10.50, a monthly increase of 79.00, and an annual increase of 4.46% [2] - The latest price of Futures 09 is 1389.50, with a daily increase of 9.00, a weekly increase of 18.00, a monthly increase of 326.50, and an annual increase of 6.23% [2] - The latest price of Futures 01 is 1229.00, with a daily increase of 13.00, a monthly increase of 30.50, and an annual decrease of 2.54% [2] Inventory Data - The total inventory is 3372.99, with a weekly increase of 56.61, a monthly decrease of 100.63, and an annual decrease of 10.92% [2] - The coal mine inventory is 232.79, with a weekly decrease of 21.73, a monthly decrease of 42.85, and an annual decrease of 15.02% [2] - The port inventory is 271.11, with a weekly decrease of 4.38, a monthly increase of 15.62, and an annual decrease of 34.53% [2] - The steel mill coking coal inventory is 793.73, with a weekly decrease of 2.03, a monthly decrease of 12.07, and an annual increase of 10.49% [2] - The coking coking coal inventory is 883.54, with a weekly decrease of 36.51, a monthly decrease of 93.34, and an annual increase of 4.31% [2] Other Data - The coking capacity utilization rate is 75.87, with a monthly increase of 1.45 and an annual increase of 9.88% [2] - The coking coke inventory is 86.03, with a monthly decrease of 0.14 and an annual decrease of 0.06% [2] - The 05 basis is -23.34, with a daily increase of 5.59, a weekly increase of 92.95, and an annual decrease of 217.42 [2] - The 09 basis is -89.84, with a daily increase of 7.09, a weekly increase of 73.95, and an annual decrease of 1.59 [2] - The 01 basis is 70.66, with a daily increase of 3.09, a weekly increase of 91.45, and an annual decrease of 0.65 [2] - The 5 - 9 spread is -66.50, with a daily increase of 1.50, a weekly decrease of 19.00, a monthly decrease of 247.50, and an annual increase of 0.60 [2] - The 9 - 1 spread is 160.50, with a daily decrease of 4.00, a weekly increase of 17.50, a monthly increase of 296.00, and an annual increase of 2.41 [2] - The 1 - 5 spread is -94.00, with a daily increase of 2.50, a weekly increase of 1.50, a monthly decrease of 48.50, and an annual increase of 16.09 [2]

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: September 22, 2025 [2] Spot Market - The latest price of the Platts 62 Index is 105.20, with a daily change of -0.40 and a weekly change of -0.45 [3] - Newman powder price is 795, with a daily change of 6 and a weekly change of 7, and the discounted futures price is 850.9 [3] - PB powder price is 799, with a daily change of 7 and a weekly change of 5, and the discounted futures price is 848.1 [3] - Australian Mac powder price is 787, with a daily change of 7 and a weekly change of 9, and the discounted futures price is 859.6 [3] - Kimbaba powder price is 770, with a daily change of 7 and a weekly change of 6, and the discounted futures price is 864.6 [3] - Mainstream mixed powder price is 760, with a daily change of 5 and a weekly change of 17, and the discounted futures price is 891.6 [3] - Super special powder price is 725, with a daily change of 10 and a weekly change of 21, and the discounted futures price is 944.2 [3] - Carajás powder price is 928, with a daily change of 9 and a weekly change of 22, and the discounted futures price is 876.5 [3] - Brazilian mixed powder price is 828, with a daily change of 7 and a weekly change of 12, and the discounted futures price is 843.8 [3] - Mainstream Brazilian coarse IOC6 price is 803, with a daily change of 7 and a weekly change of 4, and the discounted futures price is 880.9 [3] - Brazilian coarse SSFG price is 808, with a daily change of 7 and a weekly change of 4 [3] - Ukrainian iron concentrate price is 928, with a daily change of 5 and a weekly change of 8, and the discounted futures price is 1005.1 [3] - 61% Indian powder price is 759, with a daily change of 7 and a weekly change of 6 [3] - Karara iron concentrate price is 928, with a daily change of 5 and a weekly change of 8, and the discounted futures price is 953.7 [3] - Non - mainstream Roy Hill powder price is 769, with a daily change of 7 and a weekly change of 5, and the discounted futures price is 846.5 [3] - KUMBA powder price is 858, with a daily change of 7 and a weekly change of 5, and the discounted futures price is 849.7 [3] - 57% Indian powder price is 655, with a weekly change of 11 [3] - Atlas powder price is 755, with a daily change of 5 and a weekly change of 17 [3] - PB lump/lump premium price is 935, with a daily change of 9 and a weekly change of 7 [3] - Ukrainian pellet/pellet premium price is 928, with a daily change of 5 and a weekly change of 8 [3] - Domestic Tangshan iron concentrate price is 1008, with a daily change of 6 and a weekly change of 7, and the discounted futures price is 895.0 [3] Futures Market - The latest price of the i2601 contract on the Dalian Commodity Exchange is 807.5, with a daily change of 7.5 and a weekly change of 8.0, and the monthly spread is -43.5 [3] - The i2605 contract price is 786.0, with a daily change of 7.5 and a weekly change of 8.5, and the monthly spread is 21.5 [3] - The i2609 contract price is 764.0, with a daily change of 5.0 and a weekly change of -52.0, and the monthly spread is 22.0 [3] - The FE01 contract price on the Singapore Exchange is 102.78, with a daily change of -0.48 and a weekly change of 0.67, and the monthly spread is 2.49 [3] - The FE05 contract price is 100.85, with a daily change of -0.39 and a weekly change of 1.03, and the monthly spread is 1.93 [3] - The FE09 contract price is 105.27, with a daily change of -0.18 and a weekly change of -0.13, and the monthly spread is -4.42 [3] Basis and Spread - The latest basis/ domestic - foreign spread (in RMB) of the i2601 contract is 36.3, with a daily change of 0.1 and a weekly change of 5.0 [3] - The i2605 contract basis is 57.8, with a daily change of 0.1 and a weekly change of 4.5 [3] - The i2609 contract basis is 79.8, with a daily change of 2.6 and a weekly change of 65.0 [3] - The FE01 contract basis is -26.0, with a daily change of -1.6 and a weekly change of -0.1 [3] - The FE05 contract basis is -32.0, with a daily change of -1.8 and a weekly change of -2.5 [3] - The FE09 contract basis is -87.0, with a daily change of -4.0 and a weekly change of -79.6 [3] Import Profit - The import profit of Newman powder is -33.89 [3] - The import profit of PB powder is -13.57 [3] - The import profit of Australian Mac powder is -8.67 [3] - The import profit of Kimbaba powder is -11.94 [3] - The import profit of mainstream mixed powder is 15.47 [3] - The import profit of super special powder is 30.18 [3] - The import profit of Carajás powder is -7.41 [3] - The import profit of Brazilian mixed powder is -15.60 [3] - The import profit of non - mainstream Roy Hill powder is -7.32 [3]

1. Report Industry Investment Rating - No relevant content found 2. Core Views of the Report - In the short - term, there is a risk of price - cutting in the spot market, and the futures market is expected to remain weak. The current high position of the October contract has the risk of pre - holiday position reduction or subsequent position transfer fluctuations. In the medium - term, there are multiple upward drivers. From a valuation perspective, the 02 contract has a higher cost - performance ratio for long - position allocation than the 12 contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The 04 contract is currently over - valued and is more suitable for short - position allocation in the short - term as it is a off - season contract, but its low liquidity may make it vulnerable to disturbances. Therefore, attention can be paid to the reverse spread of 12 - 02 and the positive spread of 02 - 04 [2][20] 3. Summary by Relevant Catalogs Futures Market - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and FC2606 on the previous trading day were 1050.5, 1630.0, 1562.5, 1250.0, and 1439.1 respectively, with changes of - 5.01%, - 0.93%, - 0.23%, - 0.41%, and 6600F respectively. The trading volumes were 33110, 11583, 2298, 1293, and 132 respectively, and the open interest changes were 542, 1510, 61, 307, and 52 respectively [2][20] - **Monthly Spread**: The spreads of EC2510 - 2512, EC2512 - 2602 on the previous day were - 579.5 and 67.5 respectively, with daily changes of - 40.1 and - 11.7 respectively, and weekly changes of - 86.4 and - 71.8 respectively [2][20] Spot Market - **Spot Price Index**: The SCFIS SCFI index (updated every Monday) on September 15, 2025 was 0 points, a decrease of 100.00% from the previous period; the SCFIS SCFI (in US dollars/TEU, updated every Friday) on September 19, 2025 was 1052 US dollars, a decrease of 8.84% from the previous period. The CCFI index on September 19, 2025 was 1470.97 points, a decrease of 4.31% from the previous period. The NCFI index on September 19, 2025 was 673.61 points, a decrease of 7.65% from the previous period [2][20] - **Spot Booking and Quotation**: Currently, downstream customers are booking shipping space for the first ten days of October (week 39 - 41). The average quotation for week 39 is 1640 US dollars (equivalent to 1150 points on the futures market). For weeks 40 - 41, the shipping space is released together (because most of the cargo volume in week 41 has been diverted during the holiday). The average quotation is 1500 US dollars (equivalent to 1050 points on the futures market). Among them, MSK quotes 1450 US dollars, PA (excluding YML) quotes between 1400 - 1600 US dollars, YML quotes 1300 US dollars (the lowest price of the year), and OA quotes between 1500 - 1600 US dollars [2][20] Shipping Capacity - **Shipping Capacity Adjustment**: This week, the shipping capacities in October and November have been adjusted downwards. The main changes are that OA has added one more sailing suspension in the schedule of week 41, and PA & MSC have added 2 and 1 more sailing suspensions in weeks 46 and 47 respectively. The average weekly shipping capacities in September, October, and November are 290,000, 271,400, and 313,900 TEU respectively. After classifying all TBN as sailing suspensions, they are 290,000, 271,400, and 293,400 TEU respectively [2][20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products from September 15 - 19, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, as well as Tianjin, Shanghai, and Lecong's hot - rolled and cold - rolled coils. For rebar, the price changes from September 15 - 19 were 40 in Beijing, 50 in Shanghai, and 0 in other regions. For hot - rolled coils, the price change was 0 in Tianjin and Lecong, and 60 in Shanghai. For cold - rolled coils, the price change was 0 in all regions [1]. Basis and Spread No information provided. Output and Inventory No information provided.