1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - Iron ore: Slow resumption of hot metal production, and ore prices are under pressure [2][4] - Rebar and hot-rolled coil: Weak market sentiment, with repeated fluctuations [2][8] - Ferrosilicon: Fluctuations in market trading sentiment, with the futures market showing weak oscillations [2][13] - Silicomanganese: Tightening demand expectations at the ore end, with the futures market showing weak oscillations [2][13] - Coke and coking coal: Oscillating weakly [2][16][17] - Logs: Improving demand, with prices oscillating at a high level [2][20] 3. Summary by Category Iron Ore - **Fundamental Data**: The closing price of the I2605 futures contract was 808.0 yuan/ton, down 5.0 yuan or 0.62%. The trading volume was 353,624 lots, a decrease of 17,797 lots. Among spot prices, PB (61.5%) was 777.0 yuan/ton, down 9.0 yuan [4]. - **Macro and Industry News**: Previous structural contradictions drove iron ore prices to a relatively high level. Recently, there are expectations of easing in negotiations, and the driving force is expected to weaken, leading to a decline in ore prices. The 2026 government work report focuses on stabilizing expectations, with the GDP growth rate adjusted from "around 5%" to "4.5%-5.0%", and an increase in the scale of policy-based financial instruments. The daily average hot metal output of 247 steel enterprises was 231.09 tons, a month-on-month increase of 2.94 tons [4][5]. - **Trend Intensity**: -1, indicating a bearish outlook [6]. Rebar and Hot-Rolled Coil - **Fundamental Data**: The closing price of the RB2605 futures contract was 3,294 yuan/ton, down 11 yuan or 0.33%. The trading volume was 477,403 lots, and the open interest was 901,052 lots, a decrease of 75,389 lots. Among spot prices, the Shanghai rebar price was 3,220 yuan/ton, down 10 yuan [8]. - **Macro and Industry News**: In February 2026, China exported 783.8 tons of steel, a month-on-month increase of 1.1%, with an average export price of 729.0 US dollars/ton, a month-on-month increase of 6.7%. From January to February, the cumulative steel exports were 1,559.2 tons, a year-on-year decrease of 8.1%. In March, the output of rebar decreased by 5.46 tons, and the output of hot-rolled coil increased by 5.4 tons [9][10]. - **Trend Intensity**: 0, indicating a neutral outlook [10]. Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing price of the ferrosilicon 2605 futures contract was 5,874 yuan/ton, down 192 yuan. The trading volume was 166,212 lots, and the open interest was 158,901 lots. The spot price of ferrosilicon FeSi75 - B in Inner Mongolia was 5,630 yuan/ton, down 30 yuan [13]. - **Macro and Industry News**: In March, the silicon - manganese production in Ningxia and Inner Mongolia increased. However, starting from April 1, many enterprises announced production cuts. A steel mill in Jiangsu set the silicon - manganese price at 6,580 yuan/ton in late March [13][15]. - **Trend Intensity**: -1 for both ferrosilicon and silicomanganese, indicating a bearish outlook [15]. Coke and Coking Coal - **Fundamental Data**: The closing price of the JM2605 coking coal futures contract was 1,148.5 yuan/ton, down 65.5 yuan or 5.4%. The trading volume was 863,734 lots, and the open interest was 396,170 lots, a decrease of 3,810 lots. The spot price of Linfen low - sulfur primary coking coal was 1,580 yuan/ton, unchanged [17]. - **Macro and Industry News**: On March 31, the CCI metallurgical coal index showed certain trends. The online auction of coking coal had a high rejection rate, and the market sentiment was weak [17]. - **Trend Intensity**: -1 for both coke and coking coal, indicating a bearish outlook [19]. Logs - **Fundamental Data**: The closing price of the 2605 contract was 820.5 yuan, with a daily decline of 0.7%. The trading volume was 4,637 lots, a decrease of 15.2%. The open interest was 11,027 lots, a decrease of 3.2%. The spot price of 3.9 - meter 30 + radiata pine in the Shandong market was 790 yuan/m³, unchanged [20]. - **Macro and Industry News**: The 2026 government work report focuses on stabilizing expectations, with the GDP growth rate adjusted from "around 5%" to "4.5%-5.0%", and an increase in the scale of policy - based financial instruments [22]. - **Trend Intensity**: 0, indicating a neutral outlook [23].

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Energy and Chemical Research Team [4] 2. Investment Rating - Not provided in the report 3. Core View - The asphalt market has a certain expectation of inventory reduction and is expected to be relatively strong, but due to large oil price fluctuations, short - term long positions are recommended [6] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Market Review**: For BU2606, the opening price was 4499 yuan/ton, the closing price was 4512 yuan/ton, the highest was 4630 yuan/ton, the lowest was 4440 yuan/ton, the decline was 1.53%, and the trading volume was 1.0448 million lots. For BU2609, the opening price was 4270 yuan/ton, the closing price was 4279 yuan/ton, the highest was 4400 yuan/ton, the lowest was 4228 yuan/ton, the decline was 1.25%, and the trading volume was 67,400 lots [6] - **Supply and Demand Situation**: On the supply side, the continuous tightening of raw materials and the sharp rise in oil prices have led to the domestic refinery asphalt operating rate hitting a new low for the same period. On the demand side, with the gradual warming of the weather, road construction has begun to improve marginally, and the waterproofing demand is relatively stable [6] - **Operation Suggestions**: Short - term long positions are recommended [6] 4.2 Industry News - Not provided in the report 4.3 Data Overview - **Shandong Market**: The mainstream intended price of 70A grade asphalt was 4320 - 4570 yuan/ton, remaining stable compared to the previous working day. Although the intraday correction of international oil prices and asphalt futures had a certain negative impact on market sentiment, the supply of spot resources remained tight, and refineries and traders were reluctant to lower prices [9] - **South China Market**: The mainstream intended price of 70A grade asphalt was 4530 - 4750 yuan/ton, an increase of 50 yuan/ton compared to the previous working day. The supply of resources in the South China market remained tight. Although asphalt resources could still be replenished in Foshan, the replenishable resources in Maoming and Qinzhou were very limited, and the quotes of traders and inventories were relatively high, driving up the market price [9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Iron ore: Negotiations and games intensify price fluctuations [2][4] - Rebar and hot - rolled coil: Fluctuate repeatedly [2][8] - Ferrosilicon and silicomanganese: Multi - and short - side markets play games, with wide - range fluctuations [2][12] - Logs: Cost expectations weaken, and prices correct [2][15] Summary by Related Catalogs Iron Ore - **Fundamental Tracking** - Futures: The closing price of I2605 was 817.0 yuan/ton, up 10.5 yuan/ton or 1.30%, and the position decreased by 6,288 hands to 408,026 hands [4] - Spot prices: Imported ore and some domestic ore prices increased slightly, while some domestic ore prices remained unchanged [4] - Basis and spreads: Some basis values decreased, and some spreads changed slightly [4] - **Macro and Industry News** - Price fluctuations are due to structural contradictions in cost and inventory, including rising freight and low port inventory [4] - The 2026 government work report focuses on stabilizing expectations, and the GDP growth target is adjusted to 4.5% - 5.0% [4][5] - The daily average pig iron output of 247 steel enterprises increased by 2.94 tons to 231.09 tons [5] - **Trend Intensity**: Neutral (trend intensity: 0) [6] Rebar and Hot - Rolled Coil - **Fundamental Tracking** - Futures: RB2605 closed at 3,128 yuan/ton, down 11 yuan/ton or 0.35%, and HC2605 closed at 3,305 yuan/ton, down 15 yuan/ton or 0.45%. Positions decreased [8] - Spot prices: Some prices in different regions decreased or remained unchanged [8] - Basis and spreads: Some basis and spread values changed [8] - **Macro and Industry News** - On March 26, steel output, inventory, and apparent demand data showed different changes [9] - Various steel - related production, inventory, and trade data in March and 1 - 2 months of 2026 are provided [10] - Real estate investment decreased, and industrial added value and fixed - asset investment increased in 1 - 2 months of 2026 [10] - **Trend Intensity**: Neutral for both rebar and hot - rolled coil (trend intensity: 0) [10] Ferrosilicon and Silicomanganese - **Fundamental Tracking** - Futures: Prices of different contracts of ferrosilicon and silicomanganese decreased, and trading volumes and positions varied [12] - Spot prices: Some spot prices of ferrosilicon and silicomanganese increased, and the price of manganese ore remained unchanged [12] - Spreads: Various spreads such as spot - futures spreads, near - far month spreads, and cross - variety spreads changed [12] - **Macro and Industry News** - Price quotes of ferrosilicon and silicomanganese in different regions are provided [12] - A company's manganese ore price quote increased [14] - Some silicon - iron furnaces were restarted [14] - Steel mills had new procurement plans and prices [14] - **Trend Intensity**: Neutral for both ferrosilicon and silicomanganese (trend intensity: 0) [14] Logs - **Fundamental Tracking** - Futures: Closing prices, trading volumes, and positions of different contracts showed different changes [15] - Spreads: Various spreads changed, with significant percentage changes in some spreads [15] - Spot prices: Most spot prices remained unchanged, with only a few showing small fluctuations [15] - **Macro and Industry News** - The 2026 government work report focuses on stabilizing expectations, and the GDP growth target is adjusted to 4.5% - 5.0% [17] - **Trend Intensity**: Neutral (trend intensity: 0) [18]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The report provides investment outlooks and strategies for various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, and logs. Each commodity has its own market situation and price trend, with most showing wide - range fluctuations or price adjustments [2]. 3. Summary by Commodity Iron Ore - **Price Trend**: Negotiations have a缓和 expectation, and the price is in a回调 state. The futures price of I2605 is 806.5 yuan/ton, down 17.5 yuan/ton or 2.12% from the previous day. The spot prices of various types of iron ore have also declined to varying degrees [2][4]. - **Fundamentals**: The price increase is driven by cost and inventory structural contradictions, including rising energy costs and freight, low available port inventory, and restricted deliverable products. The 247 steel enterprises' daily average hot metal output is 228.18 million tons, a 6.95 - million - ton increase from the previous period [4][5]. - **Trend Intensity**: 0, indicating a neutral trend [6]. Rebar and Hot - Rolled Coil - **Price Trend**: Both are in a wide - range fluctuation state. The closing prices of RB2605 and HC2605 are 3,132 yuan/ton and 3,313 yuan/ton respectively, with decreases of 13 yuan/ton and 8 yuan/ton [8]. - **Fundamentals**: In March 2026, the steel inventory of key steel enterprises increased. The daily output of steel products decreased. The production and sales data of steel products in January - February 2026 also showed a downward trend. The real estate investment decreased, while the industrial added value and fixed - asset investment increased. The import and export volumes of steel and iron ore also changed [8][10]. - **Trend Intensity**: 0 for both, indicating a neutral trend [10]. Ferrosilicon and Silicomanganese - **Price Trend**: Ferrosilicon is affected by sector sentiment and shows wide - range fluctuations. Silicomanganese has a firm manganese ore market, and its intraday fluctuations intensify. The prices of futures contracts have changed slightly, and the spot prices of ferrosilicon and silicomanganese have decreased [12]. - **Fundamentals**: There are industry news about price changes and production adjustments. Some silicon - manganese plants plan to start production cuts on April 1, but as of now, they are still in a high - production state. Some silicon - iron furnaces have resumed production [12][14]. - **Trend Intensity**: 0 for both, indicating a neutral trend [14]. Coke and Coking Coal - **Price Trend**: Both are in a wide - range fluctuation state due to Indonesia's levy of windfall taxes on coal exports. The futures prices of JM2605 and J2605 have decreased, and the spot prices of some types of coking coal and coke have changed [15][16]. - **Fundamentals**: The CCI metallurgical coal index has changed. The price difference between Australian coking coal and domestic coking coal has narrowed, and the Australian coking coal price is still inverted. The domestic market has a good trading atmosphere, and most coal prices have increased [16]. - **Trend Intensity**: 0 for both, indicating a neutral trend [18]. Thermal Coal - **Price Trend**: The market sentiment is strong, and port transactions have moved up. The prices of coal in different regions and ports have increased to varying degrees [19]. - **Fundamentals**: The port market sentiment is average, with more upstream offers and weak downstream demand. The cost - side support is strong, and the short - term price increase may slow down or stabilize. The national raw coal output from January - February 2026 decreased slightly [19][20]. - **Trend Intensity**: 1, indicating a relatively strong trend [20]. Logs - **Price Trend**: The cost expectation is weakening, and the price is in a回调 state. The prices of futures contracts and spot logs have changed, with some showing price decreases and some showing small increases or no changes [21]. - **Fundamentals**: The government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms, with a more pragmatic GDP growth target and an increase in the scale of policy - based financial instruments [23]. - **Trend Intensity**: 0, indicating a neutral trend [24].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply pressure of US corn is weakening, and crude oil is expected to fluctuate strongly. It is expected that the bottom of US corn will fluctuate strongly. The supply of North China corn is increasing, and the upside potential of corn spot is limited. Northeast corn is stable, and the purchase price of northern ports has declined today. The auction transaction price of North China wheat has dropped, and the price difference between Northeast corn and North China corn has widened. Wheat auctions increased in March, and it is expected that the upside potential of Northeast corn spot is limited. Corn 05 will maintain a high - level shock [7]. - For corn, although the global corn supply pressure is weakening and US corn will still fluctuate strongly, the domestic wheat - corn price difference is narrowing, the domestic breeding demand is average, and the inventory of downstream feed enterprises is increasing. It is expected that the 05 corn futures will fluctuate in the short term, and attention should be paid to the auction policy [4][5]. - For starch, the inventory of corn starch has increased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong. The upside potential of corn spot is limited, and the enterprise is already profitable. It is expected that the 05 starch futures will fluctuate at a high level in the short term [6]. Summary by Directory Part 1: Data - **Futures Disk**: The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 are 2367, 2376, 2399, 2740, 2763, and 2780 respectively. The price changes are - 3, - 7, - 5, 5, - 9, and 1 respectively, with price change rates of - 0.13%, - 0.29%, - 0.21%, 0.18%, - 0.33%, and 0.04% respectively. The trading volume changes are - 11.52%, - 20.24%, - 7.13%, - 53.38%, - 8.48%, and 14.04% respectively, and the position changes are 3.86%, - 7.02%, 2.02%, 7.56%, - 6.09%, and 3.11% respectively [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiajie, etc. range from 2235 to 2530 yuan, with price changes of 0 or small declines. The basis ranges from - 164 to 131 yuan. The spot prices of starch in different regions such as Longfeng, COFCO, etc. range from 2850 to 3100 yuan, with price changes of 0 or small declines. The basis ranges from 87 to 337 yuan [2]. - **Price Spreads**: The corn inter - period price spreads such as C01 - C05, C05 - C09, etc. have corresponding price changes. The starch inter - period price spreads such as CS01 - CS05, CS05 - CS09, etc. also have corresponding price changes. The cross - variety price spreads such as CS09 - C09, CS01 - C01, etc. have corresponding price changes [2]. Part 2: Market Judgment - **Corn**: Crude oil is at a high level, US corn fluctuates in a narrow range, and the global corn supply pressure is weakening. The import profit of foreign corn is rising. The平仓 price of northern ports has declined, and the spot price in the Northeast corn - producing area is stable. The supply of North China deep - processing has decreased, and the corn spot price is stable. The price difference between North China corn and Northeast corn has widened. The wheat - corn price difference has narrowed, and the cost - performance of corn has begun to weaken. The domestic breeding demand is average, the inventory of downstream feed enterprises has increased, and the corn spot price is relatively strong in the short term. The 05 corn futures fluctuated weakly today, and it is expected to fluctuate in the short term. Attention should be paid to the auction policy [4][5]. - **Starch**: The number of vehicles arriving at Shandong deep - processing has increased, the Shandong corn spot price is stable, and the starch price in Shandong is around 3010 yuan. The Northeast starch spot price is also strong. The corn starch inventory has increased this week, with a monthly increase of 1.6% and a year - on - year decrease of 10.7%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong. The upside potential of corn spot is limited, and the enterprise is already profitable. The 05 starch futures fluctuated in a narrow range following corn today. The North China corn has begun to weaken, and the upside potential of starch spot is limited in the short term. It is expected that the 05 starch futures will fluctuate at a high level in the short term [6]. Part 3: Corn Options - **Trading Strategy**: For the unilateral strategy, 05 US corn has support at 450 cents per bushel, and long positions can be taken on 05 corn at low prices. For the arbitrage strategy, short the spread between 05 corn and starch when the price is high and close the position [8][9]. - **Option Strategy**: Use the short put strategy in the short term and operate in a rolling manner [10]. Part 4: Related Attachments - The attachments include multiple graphs such as the North Port corn closing price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread, showing the price trends and spread changes of corn and corn starch in different periods [14][15][19].

Report Industry Investment Rating - The report gives a short - term view that hot - rolled coils are expected to maintain a volatile and slightly stronger operation [6] Core View - Hot - rolled coils showed a volatile and slightly weaker trend on Wednesday. Influenced by the short - term weakness of raw materials, the lower support is near the 60 - day moving average. From the perspective of the moving average, it is strengthening in the medium term, and attention should be paid to the previous pressure platform. Fundamentally, it is currently in a pattern of increasing supply and demand, high inventory, and cost support. The apparent demand has rebounded significantly recently, and with the arrival of the seasonal peak season, the overall output has shrunk, which supports the price. However, the high inventory limits the upside space to a certain extent. Now it has started to destock, and attention should be paid to the subsequent destocking progress [6] Summary by Directory Market行情回顾 - **Futures price**: The trading volume of the main hot - rolled coil futures contract on Wednesday was 302,330 lots, a decrease compared to the previous trading day. The short - term moving average fell to around the 5 - day moving average of 3313, the medium - term moving average was at 30 - day moving average of 3257, and it was running above the 60 - day moving average of 3273. The position decreased by 21,168 lots [1] - **Spot price**: The price of hot - rolled coils in Shanghai, a mainstream area, was reported at 3300 yuan/ton [2] - **Basis**: The basis between futures and spot was - 13 yuan [3] Fundamental Data - **Supply side**: The actual weekly output was 300.21 million tons, a week - on - week increase of 4.95 million tons and a year - on - year decrease of 24.12 million tons. The steel mill's resumption of production was moderate, and the supply contraction was obvious year - on - year, so the supply side put limited pressure on prices [4] - **Demand side**: The apparent consumption was 310.51 million tons, a week - on - week increase of 15.15 million tons and a year - on - year decrease of 20.14 million tons. The resumption of work in the manufacturing industry drove the rebound of apparent demand, but it was still weak year - on - year. The intensity of demand recovery was the core variable in the follow - up [4] - **Inventory side**: The social inventory was 376.33 million tons, a week - on - week decrease of 5.98 million tons and a year - on - year increase of 52.28 million tons. The social inventory was de - stocked for the first time on a weekly basis, but the absolute amount was still much higher than last year. The steel mill inventory was 84.96 million tons, a week - on - week decrease of 4.32 million tons, and the pressure was relieved. The total inventory was 461.29 million tons, a week - on - week decrease of 10.3 million tons and a year - on - year increase of 51.39 million tons. It ended the inventory accumulation and entered the de - stocking stage, but the total inventory was still at a high level. Entering the weekly de - stocking for the first time verified the start of demand, but the absolute amount of social inventory and the inventory - to - sales ratio were still at a high level, suppressing the upward space of prices [4] - **Policy side**: On March 5, 2026, the National Two Sessions were held. The government work report proposed to issue 1.3 trillion yuan of ultra - long - term special treasury bonds and arrange 4.4 trillion yuan of special bonds to strengthen the support for infrastructure and "two new" projects, boosting the medium - and long - term confidence of the market. However, the current manufacturing PMI was still in the contraction range, and there was no substantial improvement in downstream orders. It still took time for the policy to be transmitted to the hot - rolled coil demand side, and it was difficult to reverse the high - inventory pattern in the short term [5] Market Driving Factor Analysis - **Bullish factors**: Cost support, supply contraction, demand resilience, policy support ("15th Five - Year Plan", infrastructure investment), and strengthening of raw materials [6] - **Bearish factors**: Slow realization of demand, price suppression due to inventory accumulation, and increased macro - disturbances [6]

1. Report's Industry Investment Rating - No information provided on the industry investment rating 2. Report's Core View - Short - fiber and bottle - chip futures are in high - level fluctuations. The short - fiber futures rose and then fell today, with stable factory quotes and low trading volume. The bottle - chip upstream raw materials fluctuated and declined, with factory prices mostly stable and partial price cuts, and the market trading atmosphere was average [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Short - fiber**: The prices of short - fiber contracts 2604, 2605, and 2606 all increased compared to the previous day, with increases of 94, 148, and 80 respectively. The spread between PF04 - 05 decreased by 54, while PF05 - 06 increased by 68. The main contract basis increased by 21. The main contract's open interest decreased by 30153, and the trading volume increased by 3812. The East China spot price increased by 115, and the production - sales rate increased to 52% from 46% [1] - **Bottle - chip**: The prices of bottle - chip contracts 2604, 2605, and 2606 all increased, with increases of 86, 78, and 132 respectively. The spread between PR04 - 05 increased by 8, while PR05 - 06 decreased by 54. The main contract basis decreased by 277. The main contract's open interest decreased by 1271, and the trading volume decreased by 33106. The East China spot price decreased by 145, and the South China spot price remained unchanged [1] 3.2 Spot News - **Short - fiber**: The short - fiber futures rose and then fell. Factory quotes remained stable, with semi - dull 1.4D fiber mainly quoted at 8600 - 8700 yuan/ton. The discounts of traders and futures - cash merchants narrowed in the morning, and downstream buyers mostly adopted a wait - and - see attitude with low trading volume. The average production - sales rate was 52% by 3:00 pm [1] - **Bottle - chip**: The upstream raw materials of bottle - chip fluctuated and declined. Most polyester bottle - chip factories kept their prices stable, with some reducing prices by 50 - 350 yuan. The market trading atmosphere was average, and the price difference between high and low transactions was large. The 3 - 5 month orders were mostly traded at 8700 - 9000 yuan/ton ex - factory, with some slightly lower at 8500 - 8650 yuan/ton and a small number slightly higher at 9020 - 9100 yuan/ton [2] 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip is 0, indicating a neutral trend for the day - session main contract futures price fluctuations on the reporting day [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For PTA, short - term geopolitical situation dominates the phased fluctuations of the energy - chemical sector. With cost support and expected supply reduction, and slow recovery of downstream polyester enterprises' load and cautious ordering, PTA prices are expected to fluctuate widely following the cost side [3] - For MEG, domestic cracking units reduce their load, and due to restricted passage in the Strait of Hormuz, MEG imports to ports have sharply decreased, leading to a rapid decline in supply. The main port inventory is expected to start destocking this week, and the supply - demand situation will improve in the second quarter. Attention should be paid to overseas situations and device changes [4] 3. Summary by Related Catalogs PTA - **Main Contract**: On March 18, the main PTA futures contract TA605 fell 0.76%, and the basis was - 94 yuan/ton, a decrease of 27 yuan/ton from the previous trading day [2] - **Fundamentals**: The market price of PTA in East China today is 6800 yuan/ton, up 25 yuan/ton from the previous trading day. Brent crude oil on the cost side dropped to above $100/barrel. PTA capacity utilization increased by 1.60% to 76.68% compared to the previous working day, and Jiaxing Petrochemical's 1.5 - million - ton device restarted. PTA factory inventory is 5.94 days, an increase of 0.59 days from 5.35 days last week [3] - **Main Force Movements**: Long - position main forces increased their positions [3] - **Trend Expectations**: Short - term PTA prices are expected to fluctuate widely following the cost side [3] MEG - **Main Contract**: On March 18, the main ethylene glycol futures contract eg2605 rose 1.11%, and the basis was - 80 yuan/ton, a decrease of 24 yuan/ton from the previous trading day [4] - **Fundamentals**: The market price of ethylene glycol in East China today is 4800 yuan/ton, up 60 yuan/ton from the previous trading day. The total inventory of MEG in the main ports of East China is 91.2 tons, a decrease of 1.5 tons from the previous period [4] - **Main Force Movements**: Long - position main forces increased their positions [4] - **Trend Expectations**: The supply of MEG has rapidly declined, and the main port inventory is expected to start destocking this week, with supply - demand improvement in the second quarter. Attention should be paid to overseas situations and device changes [4]

Report Industry Investment Rating - The investment ratings for coke and coking coal are both "wide - range fluctuations" [1] Core Viewpoints - The report provides a comprehensive analysis of the fundamentals of coking coal and coke, including futures prices, spot prices, basis, spreads, and macro - industry news, but no clear overall core investment view is presented other than the wide - range fluctuation rating [1] Summary According to Relevant Catalogs 1. Fundamental Tracking Futures Prices - JM2605 closed at 1,176 yuan/ton, down 5 yuan/ton or 0.4%. J2605 closed at 1,732 yuan/ton, down 14 yuan/ton or 0.8% [1] - JM2605 had a trading volume of 673,152 lots, an open interest of 391,077 lots, with an open interest change of - 10,167 lots. J2605 had a trading volume of 12,857 lots, an open interest of 33,763 lots, with an open interest change of - 821 lots [1] Spot Prices - Among coking coal, the price of Linfen low - sulfur prime coking coal and Lvliang low - sulfur prime coking coal remained unchanged at 1,450 yuan/ton and 1,483 yuan/ton respectively. Lvliang lean main coking coal rose 30 yuan/ton to 1,210 yuan/ton [1] - Among coke, the prices of Hebei quasi - first - grade dry - quenched coke, Shanxi quasi - first - grade arrival price, and Rizhao Port quasi - first - grade dry - quenched price index remained unchanged [1] Basis and Spreads - The basis of JM2605 in Shanxi increased 5 yuan/ton to 50 yuan/ton, and the basis of J2605 in Shanxi quasi - first - grade arrival price increased 14 yuan/ton to - 200 yuan/ton [1] - The spread of JM2605 - JM2609 decreased 6.5 yuan/ton to - 106 yuan/ton, and the spread of J2605 - J2609 decreased 10 yuan/ton to - 77.5 yuan/ton [1] 2. Macro and Industry News - On March 17, the CCI metallurgical coal index: CCI Shanxi low - sulfur main coking coal S0.7 was 1,443 (+7); CCI Shanxi medium - sulfur main coking coal S1.3 was 1,200 (-); CCI Shanxi high - sulfur main coking coal S1.6 was 1,194 (-) [1] - On March 17, the online auction of coking coal had a total listed volume of 277,000 tons, a non - successful bid rate of 8%, a decrease of 19% compared to the previous day, and an average premium of 53 yuan/ton. Most coal prices showed an upward trend, with an increase of 19 - 120 yuan/ton, and individual resources decreased by 20 - 77 yuan/ton [1] 3. Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Both short - fiber and bottle - chip markets are experiencing high - level fluctuations, with strong cost - driven factors [1] - Short - fiber futures rose and then fell, while bottle - chip factory quotes increased due to rising upstream raw materials [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking Short - fiber - The prices of short - fiber 2604, 2605, and 2606 were 8398, 8360, and 8278 respectively, with changes of - 20, - 112, and 2 compared to the previous day [1] - The spreads of PF04 - 05, PF05 - 06 were 38 and 82 respectively, with changes of 92 and - 114 compared to the previous day [1] - The short - fiber主力基差 was - 68, a change of - 120 compared to the previous day [1] - The short - fiber主力持仓量 was 103287, a decrease of 63728 compared to the previous day [1] - The short - fiber主力成交量 was 24412, a decrease of 9392 compared to the previous day [1] - The short - fiber华东现货 price was 8330, a decrease of 140 compared to the previous day [1] - The short - fiber产销率 was 44%, a decrease of 3% compared to the previous day [1] Bottle - chip - The prices of bottle - chip 2604, 2605, and 2606 were 8760, 8738, and 8552 respectively, with changes of - 348, - 330, and - 270 compared to the previous day [1] - The spreads of PR04 - 05, PR05 - 06 were 22 and 186 respectively, with changes of - 18 and - 60 compared to the previous day [1] - The bottle - chip主力基差 was 448, an increase of 620 compared to the previous day [1] - The bottle - chip主力持仓量 was 47780, a decrease of 4171 compared to the previous day [1] - The bottle - chip主力成交量 was 242690, an increase of 9863 compared to the previous day [1] - The bottle - chip华东现货 price was 9000, an increase of 350 compared to the previous day [1] - The bottle - chip华南现货 price was 9400, an increase of 400 compared to the previous day [1] 3.2 Spot News Short - fiber - Short - fiber futures rose and then fell. Factory quotes remained stable, with semi - gloss 1.4D mainstream quotes at 8600 - 8700 yuan/ton. With the rise of futures, discounts from traders and basis traders decreased, and the mainstream price range was 8350 - 8600. Downstream buyers were mostly on the sidelines, with few purchases. As of 3:00 pm, the average sales - to - production ratio was 47% [1] Bottle - chip - Upstream raw materials continued to rise, and polyester bottle - chip factory quotes increased by 100 - 500 yuan. The market trading atmosphere was light, with a large gap between high and low transaction prices, mostly for rigid demand replenishment. Orders from March to May were mostly traded at 9000 - 9200 yuan/ton ex - factory, slightly lower at 8900 - 8950 yuan/ton ex - factory, and locally slightly higher at 9450 - 9550 yuan/ton ex - factory [2] 3.3 Trend Intensity - The trend intensity of short - fiber was 1, and that of bottle - chip was 1, indicating the daily - session price fluctuations of the main contracts on the report day [2]