Group 1: Core Viewpoints - The high - sulfur cracking spread began to decline this week, the 380 - month spread fluctuated at a high level, and the 380 basis weakened. The low - sulfur cracking spread, month spread, and basis all fluctuated. In terms of fundamentals, on - land inventories in Singapore and ARA continued to accumulate, while US residual oil inventories decreased. Singapore's high - sulfur floating storage increased significantly, the Middle East's high - sulfur floating storage fluctuated, and low - sulfur floating storage decreased. European floating storage increased significantly. In 2025, pay attention to the impact of sanctions on Iran on global heavy - quality valuations. In the Asian region, focus on whether Russian supply will return to the benchmark. The far - month 380 has downside potential. Recently, global and Singapore residual oil inventories have been increasing, so the near - month 380 is expected to face continued pressure. The low - sulfur market remains in a volatile pattern [3][8] Group 2: Rotterdam Fuel Oil Swap Data 3.5% HSF Swap M1 - On April 16, 2025, the price was 397.83. On April 17, it was 408.43, with a change of 10.57 [1] 0.5% VLSFO Swap M1 - On April 16, 2025, the price was 430.85. On April 17, it was 441.13, with a change of 8.40 [1] HSFO - Brent M1 - On April 16, 2025, the value was - 2.30. On April 17, it was - 2.30, with a change of 0.34 [1] 10ppm Gasoil Swap M1 - On April 16, 2025, the price was 595.85. On April 17, it was 607.75, with a change of 10.40 [1] VLSFO - Gasoil M1 - On April 16, 2025, the value was - 165.00. On April 17, it was - 166.62, with a change of - 2.00 [1] LGO - Brent M1 - On April 16, 2025, the value was 16.43. On April 17, it was 15.93, with a change of 0.19 [1] VLSFO - HSFO M1 - On April 16, 2025, the value was 33.02. On April 17, it was 32.70, with a change of - 2.17 [1] Group 3: Singapore Fuel Oil Swap Data 380cst M1 - On April 16, 2025, the price was 413.13. On April 22, it was 423.34, with a change of 3.36 [1] 180cst M1 - On April 16, 2025, the price was 425.63. On April 22, it was 437.60, with a change of 3.81 [1] VLSFO M1 - On April 16, 2025, the price was 462.42. On April 22, it was 476.78, with a change of 3.74 [1] Gasoil M1 - On April 16, 2025, the price was 80.00. On April 22, it was 81.42, with a change of 0.20 [1] 380cst - Brent M1 - On April 16, 2025, the value was 0.96. On April 22, it was 0.55, with a change of 0.24 [1] VLSFO - Gasoil M1 - On April 16, 2025, the value was - 129.58. On April 22, it was - 125.73, with a change of 2.26 [1] Group 4: Singapore Fuel Oil Spot Data FOB 380cst - On April 16, 2025, the price was 416.99. On April 22, it was 422.28, with a change of 5.61 [2] FOB VLSFO - On April 16, 2025, the price was 470.33. On April 22, it was 481.09, with a change of 3.35 [2] 380 Basis - On April 16, 2025, the value was - 0.55. On April 22, it was - 1.35, with a change of 2.70 [2] High - Sulfur Domestic - Foreign Spread - On April 16, 2025, the value was 7.3. On April 22, it was 6.9, with a change of - 0.7 [2] Low - Sulfur Domestic - Foreign Spread - On April 16, 2025, the value was 4.1. On April 22, it was 5.1, with a change of 1.1 [2] Group 5: Domestic FU Data FU 01 - On April 16, 2025, the price was 2637. On April 22, it was 2734, with a change of - 13 [2] FU 05 - On April 16, 2025, the price was 3016. On April 22, it was 3035, with a change of - 13 [2] FU 09 - On April 16, 2025, the price was 2758. On April 22, it was 2863, with a change of - 1 [2] FU 01 - 05 - On April 16, 2025, the value was - 379. On April 22, it was - 301, with a change of 0 [2] FU 05 - 09 - On April 16, 2025, the value was 258. On April 22, it was 172, with a change of - 12 [2] FU 09 - 01 - On April 16, 2025, the value was 121. On April 22, it was 129, with a change of 12 [2] Group 6: Domestic LU Data LU 01 - On April 16, 2025, the price was 3262. On April 22, it was 3352, with a change of 10 [3] LU 05 - On April 16, 2025, the price was 3350. On April 22, it was 3478, with a change of 33 [3] LU 09 - On April 16, 2025, the price was 3274. On April 22, it was 3387, with a change of 13 [3] LU 01 - 05 - On April 16, 2025, the value was - 88. On April 22, it was - 126, with a change of - 23 [3] LU 05 - 09 - On April 16, 2025, the value was 76. On April 22, it was 91, with a change of 20 [3] LU 09 - 01 - On April 16, 2025, the value was 12. On April 22, it was 35, with a change of 3 [3]

Report Industry Investment Rating - Not mentioned in the provided content Report's Core View - The supply of spot goods is tight, and the customs clearance time in some regions has been extended to over 20 days. There are expectations of a huge arrival of Brazilian soybeans in May and June in China. The planting area of new - crop US soybeans is expected to decrease. The USDA April supply - demand report has a neutral impact. On the demand side, the supply of live pigs is expected to increase steadily before August, the inventory of meat and egg poultry is expected to remain high in the first half of the year. The downstream transaction and pick - up of goods have improved. Domestic soybean inventories are increasing but currently low, and soybean meal inventories have dropped significantly to a low level. Based on import cost support, it is recommended to consider buying on dips for far - month contracts [7][8] Summary by Related Catalogs Basis Data - The basis of the soybean meal main contract in Dalian on April 17 was 650, down 161; in Tianjin, it was 670, down 121; in Rizhao, it was 400, down 221. The 43% soybean meal spot basis in Zhangjiagang was 350, down 111; in Dongguan, it was 270, down 41; in Zhanjiang, it was 310, down 21; in Fangcheng, it was 320, down 41. The rapeseed meal spot basis in Guangdong was - 46, down 12 [6] Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 580, down 10; the spread on the main contract was 640, up 26 [7] International Data - The US dollar - to - RMB exchange rate was 7.2502, down 2. The soybean CNF premium was 215.00 cents per bushel [7] Inventory Data - Domestic soybean inventories are increasing but currently low, and soybean meal inventories have dropped significantly to a low level. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [7][8] Supply - Demand Situation - Supply side: Spot supply is tight, and customs clearance time in some regions has been extended. There are expectations of a huge arrival of Brazilian soybeans in May and June in China. As of April 1, the purchase progress for May was 85.2%, June was 53.9%, July was 21.9%, and August was 4.9%. The USDA planting intention report in March lowered the planting area of new - crop US soybeans to 83.495 million acres, and it is expected to further decrease under the trade war. The USDA April supply - demand report has a neutral impact. Demand side: From the inventory, the supply of live pigs is expected to increase steadily before August; the inventory of meat poultry is expected to remain high in the first half of the year, and the inventory of egg poultry is expected to remain high before April. As the spot price drops, the cost - effectiveness of soybean meal increases. In some regions, wheat replaces corn, reducing the use of protein. The downstream transaction and pick - up of goods have improved [7][8]

Report Date - The report is dated April 14, 2025 [3] Core Data Summary Ferrous Metals - Silicon iron (SF506) futures price is 5998, up 2.04% from the previous price, with a historical quantile of 75.80% [1] - Silicon manganese (SM505) futures price is 6070, up 1.91%, historical quantile 44.70% [1] - Rebar (RB2510) futures price change is 0.93%, historical quantile not shown [1] - Hot - rolled coil (HC2510) futures price change is 0.25%, historical quantile not shown [1] - Iron ore (I2509) futures price change and historical quantile are 61.40% and 11.59% respectively [1] - Coke (J2505) futures price is down 1.78%, historical quantile 40.06% [1] - Coking coal (JM2505) futures price is up 20.22%, historical quantile 71.10% [1] Non - ferrous Metals - Copper (CU2505) futures price is 75230, down 0.90%, historical quantile 6.25% [1] - Aluminum (AL2506) futures price is 19695, down 0.58%, historical quantile 17.91% [1] - Alumina (AO2505) futures price is 2763, up 3.86%, historical quantile 56.59% [1] - Zinc (ZN2506) futures price is 22660, up 0.18%, historical quantile 53.54% [1] - Tin (SN2505) futures price is 257450, down 1.42%, historical quantile 3.54% [1] - Nickel (NI2505) futures price is 121300, down 0.58%, historical quantile 24.58% [1] - Stainless steel (SS2506) futures price is 13370, up 5.28%, historical quantile 95.07% [1] - Industrial silicon (SI2505) futures price is 10100, up 6.82%, historical quantile 50.62% [1] - Lithium carbonate (LC2505) futures price is 71600, up 1.91%, historical quantile 63.39% [1] Precious Metals - Gold (AU2506) futures price is 757.8, up 0.06%, historical quantile 96.80% [1] - Silver (AG2506) futures price is 7970.0, up 0.18%, historical quantile 96.90% [1] Agricultural Products - Soybean meal (M2509) futures price is 3120, up 1.23%, historical quantile 25.00% [1] - Soybean oil (Y2509) futures price is 7680.0, up 3.65%, historical quantile 35.80% [1] - Palm oil (P2505) futures price is 8748.0, up 5.17%, historical quantile 67.80% [1] - Rapeseed meal (RM509) futures price is 2690.0, down 5.95%, historical quantile 5.00% [1] - Rapeseed oil (OI505) futures price is 9310.0, up 0.43%, historical quantile 20.10% [1] - Corn (C2505) futures price is 2220, down 2.20%, historical quantile 21.20% [1] - Corn starch (CS2507) futures price is 2663.0, down 0.49%, historical quantile 8.60% [1] - Live hog (LH2509) futures price is 14345.0, up 3.17%, historical quantile 57.10% [1] - Eggs (JD2505) futures price is 3137.0, down 0.22%, historical quantile 30.60% [1] - Cotton (CF505) futures price is 12810.0, up 10.97%, historical quantile 91.30% [1] - Sugar (SR505) futures price is 6086.0, up 2.04%, historical quantile 35.10% [1] - Apples (AP505) futures price is 7600, down 5.70%, historical quantile 5.60% [1] - Red dates (CJ505) futures price is 9020.0, down 6.87%, historical quantile 70.00% [1] Energy and Chemicals - Paraxylene (PX505) futures price is 6136.0, up 1.35%, historical quantile 58.90% [1] - PTA (TA505) futures price is 4358.0, down 1.33%, historical quantile 31.00% [1] - Ethylene glycol (EG2505) futures price is 4279.0, up 1.54%, historical quantile 86.20% [1] - Polyester staple fiber (PF506) futures price is 6136.0, up 2.59%, historical quantile 79.90% [1] - Styrene (EB2505) futures price is 7520.0, up 0.73%, historical quantile 39.80% [1] - Methanol (MA505) futures price is 2392.0, up 4.10%, historical quantile 77.30% [1] - Urea (UR505) futures price is 1910.0, up 2.14%, historical quantile 22.90% [1] - LLDPE (L2509) futures price is 7252.0, up 3.90%, historical quantile 84.90% [1] - PP (PP2509) futures price is 7189.0, up 1.54%, historical quantile 53.30% [1] - PVC (V2505) futures price is 4930.0, down 2.23%, historical quantile 49.00% [1] - Caustic soda (SH202) futures price is 2361.0, up 3.24%, historical quantile 65.80% [1] - LPG (PG2505) futures price is 5298.0, up 20.57%, historical quantile 92.50% [1] - Asphalt (BU2506) futures price is 3425.0, up 3.32%, historical quantile 75.70% [1] - Butadiene rubber (BR2505) futures price is 11775.0, up 1.91%, historical quantile 58.50% [1] - Glass (FG505) futures price is 1152.0, up 0.52%, historical quantile 64.00% [1] - Soda ash (SA505) futures price is 1347.0, up 1.48%, historical quantile 31.36% [1] - Natural rubber (RU2509) futures price is 14995.0, down 3.77%, historical quantile 68.95% [1] Financial Futures - CSI 300 (IF2506) futures price is 3686.6, down 1.73%, historical quantile 3.40% [1] - SSE 50 (IH2506) futures price is 2619.6, down 0.92% [1] - CSI 500 (IC2504) futures price is 5555.8, down 0.46%, historical quantile 46.80% [1] - CSI 1000 (IM2506) futures price is 5672.2, down 3.35%, historical quantile 6.00% [1] - 2 - year Treasury bond (TS2506) futures price is 102.66, down 0.24% [1] - 5 - year Treasury bond (TF2506) futures price is 106.41, up 0.03%, historical quantile 13.50% [1] - 10 - year Treasury bond (T2506) futures price is 108.99, up 0.03% [1] - 30 - year Treasury bond (TL2506) futures price is 136.90, up 0.13%, historical quantile 18.00% [1]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - The report focuses on the LPG market, tracking its fundamentals, including futures prices, trading volumes, open interests, price spreads, and key industry data such as PDH, MTBE, and alkylation开工率. It also provides market information on Saudi CP expectations and domestic device maintenance plans [1][8][9]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: PG2505 closed at 4,394 yesterday with a -2.16% daily increase and 4,367 in the night session with a -0.61% increase; PG2506 closed at 4,304 yesterday with a -1.94% daily increase and 4,292 in the night session with a -0.28% increase [1]. - **Trading Volumes and Open Interests**: PG2505 had a trading volume of 64,123 yesterday, a decrease of 25,906 from the previous day, and an open interest of 44,363, a decrease of 2,851; PG2506 had a trading volume of 36,874 yesterday, a decrease of 10,509, and an open interest of 45,435, an increase of 1,801 [1]. - **Price Spreads**: The price spread of Guangzhou domestic gas to the 05 contract was 956 yesterday, compared to 859 the previous day; the price spread of Guangzhou imported gas to the 06 contract was 1,006, compared to 909 the previous day [1]. - **Key Industry Data**: This week, the PDH开工率 was 65.8%, down from 69.2% last week; the MTBE开工率 was 65.5%, up from 64.2%; the alkylation开工率 was 43.4%, up from 42.2% [1]. 3.2 Market Trends - **Propane Premiums and Discounts**: The FEI propane premium/discount has been continuously declining, while the US Gulf propane premium has slightly widened. The Middle East propane premium/discount has remained stable, and freight rates have slightly rebounded [2][5]. - **Trend Intensity**: The LPG trend intensity is 0, indicating a neutral outlook [7]. 3.3 Market Information - **Saudi CP Expectations**: On April 10, 2025, the expected price for May Saudi CP propane was 568 USD/ton, up 6 USD/ton from the previous trading day; butane was 548 USD/ton, down 4 USD/ton. For June, the expected propane price was 550 USD/ton, up 10 USD/ton, and butane was 530 USD/ton, unchanged [8]. - **Domestic PDH Device Maintenance Plans**: Multiple enterprises have PDH device maintenance plans with various capacities and start times, and most end times are yet to be determined [9]. - **Domestic LPG Factory Device Maintenance Plans**: Many refineries have device maintenance plans, with different normal production volumes, loss volumes, start times, and end times [11].

Report Summary 1. Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - **沪镍**: The outer market fluctuates greatly, with a rebound after a decline. Tariff sentiment remains the short - term key. In the stainless - steel industry chain, nickel ore and nickel iron prices are still firm, and the overall cost line continues to rise steadily. Stainless - steel inventory decreases slightly. In the new energy sector, the automobile production and sales data in February are good, which has a positive impact on the new energy industry chain. In the long - term, the surplus pattern of refined nickel remains unchanged. In the short - term, the cost support below is also very important. The conclusion is that Shanghai Nickel 2505 will operate in a weak and volatile manner. Attention should be paid to whether it can return to the cost line [2]. - **不锈钢**: The spot stainless - steel price drops. In the short - term, the nickel ore price is strong, and the Indonesian ore is still in short supply. The nickel iron price rises steadily, and the cost line remains firm and continues to move up. The stainless - steel inventory decreases. The conclusion is that Stainless Steel 2505 will operate in a weak and volatile manner [3]. 3. Summary by Relevant Catalogs **Price Overview** - **Nickel**: On April 7, the Shanghai Nickel main contract was 118,640, down 8,690 from April 3; the LME Nickel was 14,440, down 205 from April 4. The SMM1 electrolytic nickel spot was 122,600, down 6,500 from April 3; the 1 Jinchuan nickel was 124,050, down 6,000 from April 3; the 1 imported nickel was 121,350, down 6,900 from April 3; the nickel bean was 120,700, down 7,000 from April 3 [10]. - **Stainless Steel**: On April 7, the stainless - steel main contract was 12,910, down 520 from April 3. The cold - rolled 304*2B stainless - steel in Wuxi was 13,950, down 200 from April 3; in Foshan was 14,050, down 100 from April 3; in Hangzhou was 14,000, down 200 from April 3; in Shanghai was 14,100, down 200 from April 3 [10]. **Inventory** - **Nickel**: As of April 7, the LME nickel inventory was 202,308, an increase of 2,058 from April 3; the Shanghai Futures Exchange nickel warehouse receipt was 27,166, a decrease of 205 from April 3. The total inventory was 229,474, an increase of 1,853 from April 3 [13]. - **Stainless Steel**: On April 3, the Wuxi stainless - steel inventory was 658,400 tons, the Foshan inventory was 339,900 tons, and the national inventory was 1,087,500 tons, a decrease of 11,900 tons from the previous period. Among them, the 300 - series inventory was 73,260 tons, a decrease of 7,600 tons from the previous period. As of April 7, the stainless - steel warehouse receipt was 202,260, an increase of 182 from April 3 [17][18]. **Price of Nickel Ore and Nickel Iron** - **Nickel Ore**: On April 7, the CIF price of red - clay nickel ore with Ni1.5% was 58 US dollars per wet ton, down 0.5 from April 3; the CIF price of red - clay nickel ore with Ni0.9% was 31.5 US dollars per wet ton, down 0.5 from April 3. The sea freight from the Philippines to Lianyungang was 9.75 US dollars per ton, down 1 from April 3; the sea freight from the Philippines to Tianjin Port was 10.5 US dollars per ton, down 1.25 from April 3 [20]. - **Nickel Iron**: On April 7, the price of high - nickel iron was 1,022 yuan per nickel point, down 8.5 from April 3; the price of low - nickel iron was 3,600 yuan per ton, down 100 from April 3 [20]. **Stainless - Steel Production Cost** - The traditional production cost of stainless steel was 13,659; the production cost using scrap steel was 13,927; the production cost using low - nickel iron and pure nickel was 16,833 [22]. **Nickel Import Cost** - The calculated import price of nickel was 117,441 yuan per ton [25].

Industry Investment Rating - No relevant content found. Core Viewpoints - The biggest disturbance this week came from overseas. Influenced by Trump's so - called "Liberation Day" tariff plan, market concerns about further deterioration of trade frictions intensified, suppressing risk appetite. After the "reciprocal tariffs" were announced, the intensity exceeded expectations. A - shares showed resilience in short - term trading. Against the background of an active policy attitude this year, the market has confidence in policies. The SASAC plans to strategically restructure central vehicle enterprises, which may lead to longer - term consumption demand. The possible suspension of consumer loans with an interest rate below 3% will relieve the pressure on banks' net interest margins. The Ministry of Finance will issue special treasury bonds to support large - state - owned commercial banks in replenishing core tier - one capital, which helps enhance banks' credit - lending ability. Currently, funds are mainly for hedging. Gold rose 3% this week, the daily trading volume of the entire A - share market dropped below one trillion for the first time in three months, and the margin trading balance has been shrinking since late March. The index still lacks upward momentum and remains in a volatile range. The Shanghai Composite 50 index had a relatively small decline this week, while the CSI 500 and 1000 have declined for three consecutive weeks. In terms of basis, contrary to the index trend, the premium of IH slightly converged, and the basis of the other three varieties strengthened slightly. Currently, the annualized discounts of IC and IM are at 6.8% and 9.6% respectively, and the near - month term structure has shifted upward, increasing the hedging cost - effectiveness of the April contract [5]. Summary by Directory 1. Futures Index Basis Situation - **Basis and Index - enhancing Annualized Returns**: The report provides the basis, basis changes, and index - enhancing annualized returns of IF, IH, IC, and IM futures contracts. For example, in the IF2504 contract, the basis changed from - 6.37 last week to 0.10 this week, with a change of 6.46 and an index - enhancing annualized return of 1.5%. Note that in the calculation of index - enhancing annualized returns, the futures margin ratio is calculated at 20%, and the cash wealth - management yield is calculated at 2%. [2] - **Basis and Market Conditions**: This week, the biggest disturbance came from overseas. Affected by trade - friction concerns, the market's risk appetite was suppressed. A - shares showed resilience in short - term trading. The basis of IH slightly converged, while the basis of the other three varieties strengthened slightly. Currently, the annualized discounts of IC and IM are at 6.8% and 9.6% respectively, and the near - month term structure has shifted upward, increasing the hedging cost - effectiveness of the April contract. [5] - **Trading Volume and Open Interest**: This week, the average daily trading volume of IH was 51,325 contracts, a 2.8% increase from the previous week, and the open interest was 108,754 contracts, a 10.2% increase. The average daily trading volume of IF was 99,526 contracts, a 1.0% decrease, and the open interest was 301,082 contracts, a 6.4% increase. The average daily trading volume of IC was 93,566 contracts, a 1.7% decrease, and the open interest was 228,310 contracts, a 6.7% increase. The average daily trading volume of IM was 241,314 contracts, a 2.8% decrease, and the open interest was 367,496 contracts, a 10.9% increase. [6] - **Basis after Considering Dividends**: The report lists the closing prices, basis after considering dividends, expected total dividend points, and annualized premium/discount rates of different contracts of IF, IH, IC, and IM. For example, for the IF2504 contract, the closing price was 3,861.60, the basis after considering dividends was 0.24, the expected total dividend points were 0.14, and the annualized premium rate was 0.15%. [7] 2. Hedging Profit and Loss - **Hedging Profit and Loss Data**: The report provides the hedging profit and loss data of IF, IH, IC, and IM futures contracts for last week and this week. For example, the IF2504 contract had a hedging loss of - 2.33 last week and - 6.46 this week. [13]

1. Report Industry Investment Ratings - RU is rated neutral, NR is rated neutral, and BR is rated neutral [4][5] 2. Core Views of the Report - With the start of the tapping season in Yunnan, China, the expectation of increased supply under high raw material prices is putting pressure on rubber prices. However, the firm raw material prices in Thailand limit the overall downward pressure on rubber prices. The domestic social inventory is slightly decreasing, and the inventory accumulation at ports is narrowing. From a valuation perspective, the domestic prices are relatively lower than overseas due to the loss in the processing profit of raw materials exported from Thailand to Chinese ports. The downstream tire demand shows signs of weakening, mainly due to the increase in tire factory finished - product inventory leading to a decline in the operating rate. The combination of supply increase expectation and slightly weak downstream demand creates short - term pressure on the fundamentals, but there is still support from the high - priced raw materials in Thailand [4] - Currently, there are few upstream maintenance activities for butadiene rubber. The operating rate and production of butadiene rubber are at a high level year - on - year, with short - term supply being relatively abundant. The downstream tire demand is weak, and there are concerns that tire factories may reduce production to relieve the pressure of rising finished - product inventory. The overall supply - demand situation of butadiene rubber is weak, but the stable price of upstream butadiene raw materials, the large price difference between butadiene rubber and natural rubber, and the existing downstream tire replacement demand provide support for the butadiene rubber price. The production profit of butadiene rubber is still in a loss state, but the loss has recently narrowed. With low production profit, the supply is difficult to increase significantly. It is generally expected that the butadiene price has insufficient rebound momentum and will mainly fluctuate within a range [6] 3. Summary According to Related Catalogs Market News and Data - Futures: On the previous trading day, the closing price of the RU main contract was 16,585 yuan/ton, up 25 yuan/ton from the previous day. The closing price of the NR main contract was 14,430 yuan/ton, up 40 yuan/ton from the previous day [1] - Spot: The price of Yunnan - produced full - latex in the Shanghai market was 16,250 yuan/ton, up 50 yuan/ton from the previous day. The price of Thai mixed rubber in Qingdao Free Trade Zone was 16,450 yuan/ton, unchanged from the previous day. The price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 2,020 US dollars/ton, unchanged from the previous day. The price of Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,950 US dollars/ton, unchanged from the previous day. The ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 13,800 yuan/ton, unchanged from the previous day. The market price of BR9000 of Zhejiang Chuanhua was 13,600 yuan/ton, up 100 yuan/ton from the previous day [1] - Recent Market Information: The purchase price of rubber blocks in Yunnan production area is 14.7 - 15.0 yuan/kg, and the purchase price of rubber latex in dry - rubber factories is 15.0 - 15.5 yuan/kg. In April, as the channel inventory continues to rise, the shipment pressure of tire factories will increase. It is expected that some enterprises may have maintenance plans at the beginning of April, which will drag down the overall capacity utilization rate. In terms of price policies, in March, some semi - steel tire brands provided certain promotional policy support for different specifications, but the actual effect was average. Currently, the overall inventory of enterprises is at a high level. To boost sales, more semi - steel tire enterprises may join the promotion. For all - steel tires, the short - term price policy remains stable, and the market wait - and - see sentiment is rising [2] Market Analysis Natural Rubber - Spot and Spreads: On April 1, 2025, the RU basis was - 335 yuan/ton (+25), the spread between the RU main contract and mixed rubber was 135 yuan/ton (+25), the import profit of smoked sheet rubber was - 4,495 yuan/ton (+541.81), the NR basis was 69.00 yuan/ton (- 41.00); the price of full - latex was 16,250 yuan/ton (+50), the price of mixed rubber was 16,450 yuan/ton (+0), the price of 3L spot was 17,350 yuan/ton (+0). The STR20 was quoted at 2,020 US dollars/ton (+0), the spread between full - latex and 3L was - 1,100 yuan/ton (+50); the spread between mixed rubber and styrene - butadiene rubber was 2,550 yuan/ton (+0) [3] - Raw Materials: The price of Thai smoked sheet was 71.78 Thai baht/kg (- 2.01), the price of Thai rubber latex was 68.50 Thai baht/kg (+0.00), the price of Thai cup lump was 60.35 Thai baht/kg (- 1.45), and the spread between Thai rubber latex and cup lump was 8.15 Thai baht/kg (+1.45) [3] - Operating Rate: The operating rate of all - steel tires was 68.36% (- 0.54%), and the operating rate of semi - steel tires was 78.19% (- 1.08%) [3] - Inventory: The social inventory of natural rubber was 1,370,465 tons (- 18,511.00), the inventory of natural rubber at Qingdao Port was 619,847 tons (+17,524), the RU futures inventory was 200,250 tons (+1,310), and the NR futures inventory was 45,360 tons (- 4,436) [3] Butadiene Rubber - Spot and Spreads: On April 1, 2025, the BR basis was - 100 yuan/ton (- 65), the ex - factory price of butadiene of Sinopec was 11,200 yuan/ton (+100), the price of BR9000 of Qilu Petrochemical was 13,800 yuan/ton (+0), the market price of BR9000 of Zhejiang Chuanhua was 13,600 yuan/ton (+100), the price of private butadiene rubber in Shandong was 13,350 yuan/ton (+0), and the import profit of butadiene rubber in Northeast Asia was - 1,479 yuan/ton (+441) [3] - Operating Rate: The operating rate of high - cis butadiene rubber was 64.17% (- 4.06%) [3] - Inventory: The inventory of butadiene rubber traders was 6,180 tons (+340), and the inventory of butadiene rubber enterprises was 25,980 tons (- 170) [3] Strategy - For natural rubber (RU and NR), the supply increase expectation and slightly weak downstream demand create short - term pressure on the fundamentals, but there is still support from the high - priced raw materials in Thailand, so the rating is neutral [4] - For butadiene rubber (BR), the overall supply - demand situation is weak, but there is support for the price, and the production profit is difficult to increase significantly. The butadiene price is expected to mainly fluctuate within a range, so the rating is neutral [6]

Report Industry Investment Rating - No relevant information provided in the reports. Core Views - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and industrial futures, such as prices, spreads, and related economic indicators, to help investors understand market trends and price movements [1][2][4][7]. Summary by Related Catalogs Stock Index Futures Spread - **Price Difference Data**: Provides price differences and their changes for IF, IH, IC, and IM futures, including spot - futures spreads and inter - period spreads, along with historical percentile data [1]. - **Cross - Variety Ratios**: Presents cross - variety ratios such as CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., and their historical percentile data [1]. Treasury Bond Futures Spread - **Basis and IRR**: Displays basis and IRR data for TS, TF, T, and TL treasury bond futures, along with their changes and historical percentiles [2]. - **Inter - Period Spreads**: Provides inter - period spreads for different maturities of TS, TF, T, and TL futures, and their changes and historical percentiles [2]. - **Cross - Variety Spreads**: Presents cross - variety spreads such as TS - TF, TS - T, etc., and their changes and historical percentiles [2]. Precious Metal Futures and Spot - **Futures and Spot Prices**: Shows domestic and foreign futures closing prices, spot prices, and their changes and price change rates for gold and silver [4]. - **Basis and Ratios**: Provides basis data for gold and silver, as well as price ratios such as COMEX gold/silver and SHFE gold/silver, and their historical percentiles [4]. - **Interest Rates, Exchange Rates, and Inventories**: Displays data on 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, offshore RMB exchange rate, and inventory and position data for gold and silver [4]. Industrial Futures and Spot - **Spot Quotes**: Presents spot quotes for shipping companies on the Shanghai - Europe route and their changes and price change rates [7]. - **Shipping Indexes**: Displays settlement price indexes for shipping routes, Shanghai export container freight rates, and their changes and price change rates [7]. - **Futures Prices and Basis**: Provides futures prices and their changes and price change rates for EC contracts, as well as basis data for the main contract [7]. - **Fundamental Data**: Includes data on global container shipping capacity supply, Red Sea detour situation, foreign trade - related indicators, overseas economic indicators, and OECD composite leading indicators [7]. Data and Information Calendar - **Overseas Data/Information**: Lists macro - economic data and energy - chemical data for the US, including time, data sources, and economic indicators [9]. - **Domestic Data/Information**: Presents data on energy - chemical, black - nonferrous, and special commodities in China, including time, data sources, and economic indicators [9].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **沪镍**: The external market rebounded, but the price is still below the 20 - day moving average. Spot downstream transactions are light. In the stainless - steel industry chain, nickel ore and nickel iron prices remain firm, and the overall cost line is rising steadily. Stainless - steel inventory is decreasing. In the new energy sector, the February automobile production and sales data are good. Tariffs are about to be implemented, which may affect sentiment in the short term. In the medium - to - long - term, the refined nickel surplus pattern remains unchanged, and there is still pressure. The price of Shanghai Nickel 2505 will fluctuate around 130,000 [2]. - **不锈钢**: The spot stainless - steel price remains flat. In the short term, the nickel ore price is rising strongly, the Indonesian ore is in short supply, the nickel iron price is rising steadily, and the cost line is firm and rising. The stainless - steel inventory is decreasing. The price of Stainless Steel 2505 will fluctuate around the 20 - day moving average [3]. 3. Summary by Relevant Catalogs 3.1 Price Overview - **沪镍**: On April 1, the Shanghai Nickel main contract was 130,360, up 1,140 from March 31; the London Nickel was 16,170, up 225; the SMM1 electrolytic nickel spot was 130,050, down 950; the 1 Jinchuan nickel was 130,900, down 850; the 1 imported nickel was 129,250, down 1,000; the nickel bean was 128,750, down 1,100 [12]. - **不锈钢**: On April 1, the stainless - steel main contract was 13,545, up 180 from March 31. The cold - rolled coil prices in Wuxi, Foshan, Hangzhou, and Shanghai remained unchanged [12]. 3.2 Inventory - **沪镍**: On April 1, the LME inventory was 199,020, an increase of 300; the Shanghai Futures Exchange warehouse receipts were 27,927, an increase of 1,181. As of March 28, the上期所 nickel inventory was 36,925 tons, with the futures inventory at 26,799 tons [14][15]. - **不锈钢**: On April 1, the stainless - steel warehouse receipts were 199,921, a decrease of 841. As of March 28, the Wuxi inventory was 666,500 tons, the Foshan inventory was 338,100 tons, and the national inventory was 1,099,400 tons, a decrease of 22,100 tons compared with the previous period [18][19]. 3.3 Price of Nickel Ore and Nickel Iron - On April 1, the price of red clay nickel ore (Ni1.5% CIF) was 58.5 dollars/wet ton, unchanged from March 31; the price of red clay nickel ore (Ni0.9% CIF) was 32 dollars/wet ton, unchanged; the high - nickel (8 - 12) was 1,030.5 yuan/nickel point, up 1; the low - nickel (below 2) was 3,700 yuan/ton, unchanged [22]. 3.4 Stainless - Steel Production Cost - The traditional cost was 13,737, the scrap - steel production cost was 14,270, and the low - nickel + pure - nickel cost was 17,317 [24]. 3.5 Nickel Import Cost - The converted import price was 131,215 yuan/ton [27]. 3.6 Factors Affecting the Market - **Negative factors**: Domestic production continues to increase significantly year - on - year, there are no new demand growth points, and the long - term surplus pattern remains unchanged [6]. - **Positive factors**: New energy vehicle data continue to perform well, with February production and sales increasing year - on - year; nickel ore and nickel iron prices are firm, and the cost line is slowly rising; tariff policies are about to be implemented [7].

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - No information provided in the document. 3. Summary by Related Content - **Positive Changes**: Products with positive price changes include propane import cost (FEI propane) with a 72 increase to 5,087 and a change rate of 8.2%, methanol in East China with a 125 increase to 2,687 and a change rate of 4.9%, and many others like asphalt in Shandong with a 2.3% change rate and an 84 increase to 3,700 [1]. - **Negative Changes**: Products with negative price changes include hot - rolled coil in Zhonghai with a - 20 change to 3,370 and a - 0.1% change rate, 20 - number rubber in Qingdao Free Trade Zone with a - 146 change to 14,818 and a - 0.1% change rate, and coke in Shanxi with a - 194 change to 1,441 and an - 11.9% change rate [1]. - **Calculation Notes**: The document provides calculation formulas for key indicators such as the main basis (main basis = spot - main contract), the discount rate ((spot price - futures price)/futures price), and the change refers to the comparison with the same period of the previous trading day [1].