阳光光 从业资格号：F03142459 投资咨询号：Z0021764 中航期货 2025-10-10 沥青周度报告 目录 01 报告摘要 03 宏观分析 02 多空焦点 04 供需分析 04 后市研判 报告P摘AR要T 01 （1）以色列与哈马斯达成加沙停火协议。 （2）OPEC+延续增产措施，11月份增产13.7万桶/日。 （3）美联储9月份议息会议纪要公布，美联储内部官员关于年内降息幅度存在分歧。 市场焦点 重点数据 主要观点 （1）截止9月24日，国内沥青样本企业开工率40.1%，较上一统计周期回升5.7个百分点。 （2）截止10月10日，国内沥青周度产量61.8万吨，环比上周减少1.9万吨。 （3）截止10月10日，国内沥青样本企业厂库库存69万吨，环比上周增加4.2万吨。 （4）截止10月10日，国内沥青样本企业社会库存105.8万吨，环比上周下降1.4万吨。 短期来看，沥青基本面变化不大，原油主导沥青走势，受假期国际油价下跌的传导，本周沥青整体震荡偏弱。综 合来看，短期在沥青需求改善有限的背景下，基本面对盘面的支撑有限，而随着下游需求逐步进入淡季，需求面临走 弱的压力，同时伴随着高排产计划，沥青基 ...

INSG预计，2025年全球镍消费量为360万吨，2026年增至382万吨。 这家来自里斯本的组织预计，2026年全球镍产量将从2025年的381万吨增至409万吨。 INSG预计，2025年和2026年不锈钢产量将继续增长。 近日，近期，据自然资源部信息显示，据矿业周刊（Mining Weekly）援引路透社报道，国际铜研究小 组（International Copper Study Group，ICSG）周三发布报告称，2025年全球精炼铜市场将过剩大约17.8 万吨，2026年则将短缺15万吨。 ICSG的数据显示，2025年世界矿山铜产量预计增长1.4%，2026年增速将扩大到2.3%。同时，2025年精 炼铜消费量预计增速为3%，2026年将下降到2.1%。 2025年精炼铜产量预计增速为3.4%，2026年增速下降至0.9%，ICSG预测。 国际镍研究小组（International Nickel Study Group，INSG）周二发布报告预计，2025年全球镍市场过剩 20.9万吨，2026年进一步扩大到26.1万吨。 ...

有色商品日报 有色商品日报（2025 年 9 月 26 日） 一、研究观点 | 品 种 | | 点评 | | --- | --- | --- | | | 隔夜内外盘铜价震荡偏弱，未能进一步延续涨势，国内现货进口处于亏损态势。宏观方 | | | | 面，美国二季度实际 GDP 年化季环比终值 3.8%，高于预期和前值 3.3%；美国二季度 | | | | PCE 物价指数年化季环比终值 2.6%，略高于预期和前值 2.5%。该数据表明美国经济 | | | | 韧性和通胀顽固性同在。美国首申失业金人数为 21.8 万人，较前周下降 1.4 万人，为 | | | | 七月以来最低水平，劳动力市场放缓担忧减缓。昨晚美联储理事米兰表示应每次降息 | | | | 50 个基点，通过"短暂且大幅"降息快速达到中性利率。库存方面，LME 库存下降 350 | | | | 吨至 144425 吨；Comex 库存增加 2564 吨至 291260 吨；SMM 周四统计国内铜社会库 | | | 铜 | 存较周一下降 0.44 万吨至 14.01 万吨。需求方面，长假到来，下游采购相对谨慎。美 | | | | Freeport M ...

大宗商品研究所 黑色金属研发报告 黑色金属早报 2025 年 09 月 26 日 黑色金属每日早盘观察 钢材 【相关资讯】 1.据央视新闻，当地时间 9 月 25 日，美国总统特朗普在其社交媒体"真实社交"宣布， 自 10 月 1 日起，美国将对多类进口产品实施新一轮高额关税。措施包括对厨房橱柜、 浴室洗手台及相关建材征收 50%关税，对进口家具征收 30%关税，并对专利及品牌药 品加征 100%关税 2.墨西哥政府拟对中国等非自贸伙伴的产品提高进口关税税率的相关措施，具体涉及汽 车及零部件、纺织品、服装、塑料、钢铁、家电、铝、玻璃等产品类别。商务部决定 对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 现货价格：网价上海地区螺纹 3290 元（+10），北京地区 3190（-），上海地区热卷 3400 元（-），天津地区热卷 3330 元（-）。 【逻辑分析】 期货从业证号：F03134259 投资咨询证号：Z0021009 研究员：丁祖超 期货从业证号：F03105917 投资咨询证号：Z0018259 昨日夜盘黑色板块依然维持震荡走势，25 日建筑钢材成交为 10.82 万吨。本周钢联数 据公布，五大材总 ...

Core Insights - The Shanghai Grade A office market is experiencing a slight decrease in vacancy rates and continued downward pressure on rents due to the interplay of new supply and demand changes, with professional services, finance, and TMT sectors being the main demand drivers [1][2] Market Supply and Demand - In Q3 2025, four new Grade A office projects were delivered in Shanghai, adding 222,400 square meters of quality office space to the market [1] - The net absorption recorded in the quarter was 89,000 square meters, representing a 3.9% increase quarter-on-quarter [1] - The overall vacancy rate for Grade A offices decreased slightly to 23.5% [1] - Average transaction rents fell by 3.6%, with the average monthly rent at 205 RMB per square meter [1] Year-on-Year Trends - Year-on-year, the vacancy rate has decreased, but the total stock has increased, while rents continue to decline [1] - The market is expected to see three more projects completed in Q4, adding a total of 260,000 square meters of supply, which would push the total stock of Grade A offices in Shanghai to over 18 million square meters [2] Sector Performance - The professional services sector accounted for 26.7% of leasing demand, with incubators and co-working spaces favoring areas like Xuhui Riverside and Yangpu [2] - The finance sector, primarily consisting of securities, investment, and fund companies, represented 20.8% of leasing demand [2] - The TMT sector accounted for 14.9% of demand, driven by strong needs from data, AI, and high-tech companies [2] - Other sectors such as retail trade, cultural entertainment, and accommodation and dining also contributed to leasing demand, with respective shares of 8.2%, 5.9%, and 5.0% [2] - Sectors like construction and real estate, transportation logistics, and healthcare had relatively low demand, each below 5% [2] Supply and Demand Trends - From 2020 to Q3 2025, the Shanghai Grade A office market has shown fluctuating trends in new supply and net absorption, with 2023 witnessing the highest discrepancy between the two [2] - The supply pressure continues to impact the market, despite a return to relatively stable levels of new supply and net absorption in the first three quarters of 2025 [2]

行业 聚烯烃日报 日期 2025 年 9 月 25 日 每日报告 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 | 表1：期货市场行情 | ...

终端需求整体仍显疲软，下游采购谨慎，观望情绪浓厚。供应方面，产线调整有限，市场货源较为充 裕，企业多稳价出货，实际成交灵活调整。区域库存表现分化明显，其中华东、华中、华南及西北地区 去库效果较好，而华北和西南地区仍面临一定累库压力。基本面来看，市场缺乏单边驱动因素，价格波 动空间有限，预计维持震荡运行。 建信期货：预计玻璃期货主力合约短期维持震荡走势 基本面方面，供应端玻璃整体产量呈现小幅抬升态势，但仍处于底部区间，尚未进入大规模放量阶段。 现货价格有所回升，因此行业利润有所改善。需求端，深加工订单基本维持不变，刚需为主。库存端， 重新累库。分品种看，浮法玻璃供应端压力相比去年呈现边际缓解态势，成本端有一定的支撑力，但需 求端持续疲软，短期内或难有显著突破，新房玻璃需求仍在持续下滑；伏玻璃市场迎来显著涨价行情， 需求端的强劲支撑成为本次价格上涨的关键驱动力。宏观情绪方面，随着旺季需求的提振，叠加反内卷 预期的走强。预计玻璃期货主力合约短期维持震荡走势。 东海期货：政策面情绪反复，预计玻璃短期区间震荡 9月24日盘中，玻璃期货主力合约遭遇一波急速上涨，最高上探至1241.00元。截止发稿，玻璃主力合约 报124 ...

Report Summary 1. Market Performance on September 23, 2025 - A-shares: The Shanghai Composite Index fell 0.18% to 3821.83, the Shenzhen Component Index dropped 0.29% to 13119.82, and the ChiNext Index rose 0.21% to 3114.55. The trading volume in the two markets reached 2494.4 billion yuan, an increase of 372.9 billion yuan from the previous day [1]. - Indexes: The CSI 300 Index closed at 4519.78, down 2.83 [2]. 2. Futures Market 2.1 Coking Coal and Coke - Price: The weighted index of coke closed at 1734.4, down 10.4; the weighted index of coking coal closed at 1229.0 yuan, down 10.7 [3][4]. - Factors: For coke, the third - round price cut is still expected, while some coking plants start the first - round price increase. The overall inventory is increasing, and traders' purchasing willingness has improved. For coking coal, the output of coking coal mines has increased slightly, the pre - National Day replenishment sentiment is strong, and the total inventory has increased [5]. 2.2 Zhengzhou Sugar - Price: Affected by factors such as the decline of US sugar and the possible reduction of spot quotes, the Zhengzhou Sugar 2601 contract fluctuated lower on Tuesday and rebounded at night [5]. - Supply: Based on the current crop growth, India's sugarcane production in the 2025/26 season may reach about 487 million tons, an 8% increase from the previous season, and the total sugar production is expected to increase 18% to 34.9 million tons [5]. 2.3 Rubber - Price: Shanghai rubber fluctuated slightly on Tuesday, with natural rubber being weak and 20 - number rubber being slightly stronger. It rose slightly at night due to the increase in crude oil prices [6]. - Production: In August 2025, China's rubber tire outer tube production was 102.954 million pieces, a year - on - year increase of 1.5%. From January to August, the production increased 1.6% to 7.95467 billion pieces [6]. 2.4 Soybean Meal - Price: The M2601 main contract of soybean meal closed at 2928 yuan/ton, a decline of 3.49% [8]. - Supply - demand: The supply of imported soybeans in China is sufficient, the oil mills maintain a high operating rate, and the inventory is rising. The price is expected to be weak under the supply pressure [8]. 2.5 Live Pigs - Price: The LH2511 main contract of live pigs closed at 12665 yuan/ton, a decline of 1.02% [8]. - Supply - demand: The supply of standard pigs increased significantly in September, and the market supply pressure is large. Although the pre - festival stocking enthusiasm has increased, the consumption has not reached the expected level, and the price may remain weak [8]. 2.6 Palm Oil - Price: The P2601 main contract of palm oil closed at 9054, a decline of 3.27%. The highest price was 9294, and the lowest was 8946 [9]. - Production: An Indonesian state - owned palm oil producer aims for a crude palm oil production of 415,000 tons in 2025 and 1.07 million tons in 2026 [9]. 2.7 Shanghai Copper - Price: Affected by macro and supply - demand factors, the price is under pressure. The inventory is rising, and the spot basis premium has narrowed to 60 points [9]. - Factors: The macro - level policies are not releasing more positive signals, and the Fed's internal differences increase market uncertainty. The supply is tightened due to a mine shutdown, but the demand is still cautious [9]. 2.8 Cotton - Price: The main contract of Zhengzhou cotton closed at 13580 yuan/ton at night on Tuesday, and the inventory decreased by 181 lots [10]. - Export: From January to August 2025, China's cotton product export volume was 4.9341 million tons, a year - on - year increase of 9.49%, but the export value decreased 4.95%, and the unit price dropped 13.11% [10]. 2.9 Logs - Price: The 2511 contract opened at 808, closed at 805, with a daily reduction of 362 lots. The spot prices in Shandong and Jiangsu remained unchanged [10]. - Market: The supply - demand relationship has no major contradictions, and the market is in a game between strong expectations and weak reality [10]. 2.10 Iron Ore - Price: The 2601 main contract of iron ore fell 1.23% to 802.5 yuan [11]. - Supply - demand: The shipment decreased, the arrival increased, and the steel mills have pre - festival replenishment demand. The price is expected to fluctuate in the short term [11]. 2.11 Asphalt - Price: The 2511 main contract of asphalt fell 1.2% to 3373 yuan [12]. - Supply - demand: The capacity utilization rate decreased slightly last week, the inventory continued to decline, and the shipment increased. The price will fluctuate in the short term [12]. 2.12 Alumina - Price: The ao2601 contract closed at 2877 yuan/ton [12]. - Supply - demand: The supply - demand contradiction is difficult to resolve, and the expected supply expansion suppresses the price. The price may fluctuate around the cost line [12]. 2.13 Shanghai Aluminum - Price: The al2511 contract closed at 20685 yuan/ton [12]. - Supply - demand: The downstream peak - season characteristics are not obvious, but the consumption willingness is expected to improve. The price is looking for a bottom in the range [12]. 2.14 Steel - Price: The rb2601 contract closed at 3155 yuan/ton, and the hc2601 contract closed at 3340 yuan/ton [13]. - Supply - demand: The supply is weak and the demand is increasing, but the downstream has not improved. The price will fluctuate under the game of multiple factors [13].

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Chlor - Alkali Industry - Last week, the caustic soda futures stopped falling and rebounded on Friday. Next week, the supply is expected to increase, and the operating rate of sample manufacturers will rise. The alumina price has been falling, squeezing the profit of domestic alumina enterprises and weakening the support for the spot price. In Shandong, due to the approaching National Day holiday, there may be a price cut in the short - term. [2] - Last week, PVC futures rebounded with the support of a warming macro - environment, but the supply - demand contradiction is still difficult to resolve. Next week, the output is expected to increase as many enterprises finish maintenance. The downstream product operating rate has limited improvement, and the procurement enthusiasm is average. It is expected that PVC will stop falling and stabilize from September to October. [2] Urea Industry - The urea futures are in a weak downward trend. The supply is increasing rapidly, and it is expected to reach 210,000 tons in October. The demand is weak, with a short window for autumn fertilizer procurement, high finished - product inventory of compound fertilizers, and slow follow - up of export orders. Without variables such as increased exports or early shutdown of gas - based plants, the spot price may continue to decline, and the futures will continue to fall significantly only if the spot price breaks below 1,550 yuan/ton. [8] Pure Benzene - Styrene Industry - The weekly supply - demand of pure benzene is weak. In September, the supply may remain high as some plants restart or postpone maintenance. The demand is weak as most downstream products are in the red, some secondary - downstream inventories are high, and styrene plants plan to reduce production in September - October. The price driving force is weak. [10] - The situation of styrene is similar to that of pure benzene. The supply - demand is expected to be loose in September, and the price driving force is weak. [10] Polyester Industry Chain - For PX, the supply has increased significantly due to delayed maintenance of some domestic plants, while the demand is weak as PTA processing fees are low, new PTA plants postpone commissioning, and many PTA plants plan to have maintenance. The PXN may be compressed in the fourth quarter, and the price driving force is weak. [14] - For PTA, the supply is expected to shrink, but the demand increase is limited, and the basis is not strongly supported. In the medium - term, the supply - demand is expected to be weak, and the price follows the raw material. [14] - For ethylene glycol, the short - term supply - demand is turning weak. Although the inventory is expected to decrease in September, the terminal market is weak. In the long - term, the supply - demand is expected to be weak in the fourth quarter due to new plant commissioning and seasonal demand decline. [14] - For short - fiber, the short - term supply - demand pattern is weak. The supply is high, and the demand is limited during the peak season. The price is supported at the low level but lacks upward driving force. [14] - For bottle - grade polyester chips, the supply - demand is still loose. Although the price and processing fees are supported by pre - holiday replenishment, the processing fee has limited upward space. [14][15] Polyolefin Industry - PP production has decreased recently due to losses in PDH and external - propylene procurement routes, leading to more unplanned maintenance and inventory decline. PE maintenance has reached a peak, and the operating rate is rising. The inventory of the upstream and mid - stream has decreased this week, and there are more import offers from North America. The 01 contract has a large inventory accumulation pressure, limiting the upward space. [20] Methanol Industry - The methanol market is trading high - inventory and fast loading in Iran. The coastal inventory has reached a record high, the market sentiment has worsened, and the price and basis have weakened slightly. The domestic supply is at a high level year - on - year, and although there is some unplanned maintenance recently, some plants are expected to resume production in mid - September, and the inventory pattern in the inland is relatively healthy. The demand is weak due to the traditional off - season. The port is still receiving a large amount of goods, with significant inventory accumulation and weak trading. The overall valuation is neutral. The futures are oscillating between high - inventory reality, weak basis, and overseas gas - restriction expectations in the future. [45] Crude Oil Industry - Last week, oil prices were weakly oscillating. The geopolitical premium has declined, and the market has refocused on the weak supply - demand fundamentals. The meeting between Chinese and US leaders has eased concerns about secondary sanctions on China for purchasing Russian oil, reducing the geopolitical risk support for oil prices. The expectation of future supply surplus, combined with the refinery maintenance season and the unexpected increase in US distillate inventory, has put pressure on oil prices. In the short - term, oil prices are under pressure. [49] Summary by Directory Chlor - Alkali Industry Spot and Futures Prices - On September 19, compared with September 18, the prices of Shandong 32% liquid caustic soda and 50% liquid caustic soda remained unchanged. The price of East - China calcium - carbide - based PVC increased by 10 yuan/ton, with a 0.2% increase. [2] Overseas Quotes and Export Profits - From September 11 to September 18, the FOB price at East - China ports increased by 5 US dollars/ton, with a 1.3% increase, and the export profit increased by 217.6 yuan/ton, with a 3723.4% increase. The CFR price in Southeast Asia remained unchanged, and the CFR price in India decreased by 25 US dollars/ton, with a 3.3% decrease. [2] Supply - From September 12 to September 19, the operating rate of the caustic soda industry decreased by 1.3 percentage points to 85.4%, and the operating rate of PVC decreased by 4 percentage points to 75.4%. [2] Demand - From September 12 to September 19, the operating rate of the alumina industry increased by 0.9 percentage points to 83.7%, and the operating rate of the viscose staple fiber industry increased by 1.8 percentage points to 88.2%. [2] Inventory - From September 11 to September 18, the liquid caustic soda inventory in Shandong increased by 0.7 tons, with a 7.5% increase, and the PVC upstream factory inventory decreased by 0.4 tons, with a 1.2% decrease. [2] Urea Industry Futures Prices and Spreads - On September 17, compared with September 16, the 01 - contract price of urea decreased by 5 yuan/ton, with a 0.3% decrease, and the 05 - contract price decreased by 3 yuan/ton, with a 0.17% decrease. [5] Upstream Raw Materials - On September 17, compared with September 16, the price of动力煤 at the pithead in Yijinhuoluo Banner increased by 11 yuan/ton, with a 2.14% increase, and the price of动力煤 at Qinhuangdao Port increased by 6 yuan/ton, with a 0.87% increase. [5] Spot Market Prices - On September 17, compared with September 16, the price of small - particle urea in Guangdong increased by 10 yuan/ton, with a 0.56% increase, and the price of small - particle urea in Shanxi decreased by 10 yuan/ton, with a 0.65% decrease. [5] Supply - Demand - On September 19, compared with September 18, the domestic daily urea output decreased by 0.02 tons, with a 0.11% decrease. From September 12 to September 19, the domestic weekly urea inventory increased by 32,600 tons, with a 2.88% increase, and the order days of domestic urea production enterprises decreased by 0.7 days, with a 10.17% decrease. [8] Pure Benzene - Styrene Industry Upstream Prices and Spreads - On September 19, compared with September 18, the price of Brent crude oil (November) decreased by 0.76 US dollars/barrel, with a 1.1% decrease, and the price of CFR China pure benzene decreased by 6 US dollars/ton, with a 0.8% decrease. [10] Styrene - Related Prices and Spreads - On September 19, compared with September 18, the price of styrene in East - China spot decreased by 100 yuan/ton, with a 1.4% decrease, and the EB10 - EB11 spread decreased by 8 yuan/ton, with a 66.7% decrease. [10] Downstream Cash Flows - On September 19, compared with September 18, the cash flow of phenol increased by 28 yuan/ton, with an 8.6% increase, and the cash flow of aniline increased by 93 yuan/ton, with a 29.8% increase. [10] Inventory - From September 8 to September 15, the pure benzene inventory at Jiangsu ports decreased by 10,000 tons, with a 6.9% decrease, and the styrene inventory at Jiangsu ports decreased by 17,500 tons, with a 9.9% decrease. [10] Operating Rate - From September 12 to September 19, the domestic pure benzene operating rate decreased by 1 percentage point to 78.4%, and the styrene operating rate decreased by 1.6 percentage points to 73.4%. [10] Polyester Industry Chain Upstream Prices - On September 19, compared with September 18, the price of Brent crude oil (November) decreased by 0.76 US dollars/barrel, with a 1.1% decrease, and the price of CFR China PX decreased by 11 US dollars/ton, with a 1.3% decrease. [14] Downstream Product Prices and Cash Flows - On September 19, compared with September 18, the price of POY150/48 decreased by 65 yuan/ton, with a 0.9% decrease, and the price of FDY150/96 decreased by 45 yuan/ton, with a 0.7% decrease. [14] PX - Related Prices and Spreads - On September 19, compared with September 18, the PX - naphtha spread decreased by 4 US dollars/ton, with a 3.9% decrease, and the PX - MX spread increased by 2 US dollars/ton, with a 1.4% increase. [14] PTA - Related Prices and Spreads - On September 19, compared with September 18, the PTA East - China spot price increased by 75 yuan/ton, with a 1.6% increase, and the TA01 - TA05 spread decreased by 6 yuan/ton, with a 0.8% decrease. [14] MEG - Related Prices and Spreads - On September 19, compared with September 18, the MEG East - China spot price decreased by 11 yuan/ton, with a 0.3% decrease, and the MEG basis (01) decreased by 62 yuan/ton, with a 3.2% decrease. [14] Operating Rate - From September 12 to September 19, the PX operating rate decreased by 1.5 percentage points to 86.3%, and the PTA operating rate remained unchanged at 76.8%. [14] Polyolefin Industry Futures Prices and Spreads - On September 19, compared with September 18, the L2601 closing price decreased by 19 yuan/ton, with a 0.26% decrease, and the PP2509 - 2601 spread increased by 9 yuan/ton, with a 180% increase. [20] Spot Market Prices - On September 19, compared with September 18, the price of East - China PP raffia decreased by 30 yuan/ton, with a 0.44% decrease, and the price of North - China LLDPE film decreased by 20 yuan/ton, with a 0.28% decrease. [20] Inventory - As of Wednesday, compared with the previous value, the PE enterprise inventory increased by 23,800 tons, with a 5.57% increase, and the PP enterprise inventory increased by 43,400 tons, with an 8.06% increase. [20] Operating Rate - As of Thursday, compared with the previous value, the PE device operating rate increased by 2.32 percentage points to 80.4%, and the PP device operating rate decreased by 1.93 percentage points to 74.9%. [20] Methanol Industry Prices and Spreads - On September 19, compared with September 18, the MA2601 closing price increased by 15 yuan/ton, with a 0.64% increase, and the MA91 spread decreased by 28 yuan/ton, with a 215.38% decrease. [45] Inventory - As of Wednesday, compared with the previous value, the methanol enterprise inventory decreased by 0.21%, with a 0.61% decrease, and the methanol port inventory increased by 7,400 tons, with a 0.48% increase. [45] Operating Rate - As of Thursday, compared with the previous value, the upstream overseas enterprise operating rate decreased by 4.22 percentage points to 68%, and the downstream external - MTO device operating rate increased by 6.02 percentage points to 75.08%. [45] Crude Oil Industry Crude Oil Prices and Spreads - On September 22, compared with September 19, the Brent price increased by 0.17 US dollars/barrel, with a 0.25% increase, and the SC price decreased by 6.3 yuan/barrel, with a 1.27% decrease. [49] Refined Oil Prices and Spreads - On September 22, compared with September 19, the price of NYM RBOB increased by 0.56 cents/gallon, with a 0.28% increase, and the price of ICE Gasoil decreased by 0.75 US dollars/ton, with a 0.11% decrease. [49] Refined Oil Crack Spreads - On September 22, compared with September 19, the US gasoline crack spread decreased by 1 US dollars/barrel, with a 4.73% decrease, and the European gasoline crack spread decreased by 0.48 US dollars/barrel, with a 2.44% decrease. [49]

Core Viewpoint - The article discusses the impact of the EU anti-dumping measures on the prices of imported pork products in China, highlighting significant price increases for imported ribs, heads, and feet, while domestic pork prices remain low due to oversupply and weak demand [1] Group 1: Price Trends - In early September 2025, the price of imported ribs surged, with a maximum daily increase of 4000 yuan per ton due to the EU's anti-dumping ruling [1] - Domestic fresh and frozen pork prices are at record lows, with oversupply in the market leading to a decline in prices [1] - As of September 16, 2025, domestic pork prices are expected to remain low, with a potential slight rebound towards the end of the month due to the Mid-Autumn Festival and National Day [1] Group 2: Supply and Demand Dynamics - The domestic pork supply is currently abundant, with demand weakening after the back-to-school and Zhongyuan Festival stocking periods [1] - The fourth quarter is anticipated to see a slight increase in domestic fresh pork prices due to the seasonal demand and an increase in suitable weight pig sources [1] - Import volumes for pork and by-products are expected to remain high, with a reported 626,400 tons of pork imported from January to July 2025, a 4.11% increase compared to the same period last year [1]