Report Overview - The report consists of four parts: Polyolefin Industry Spot and Futures Daily Report, Pure Benzene - Styrene Daily Report, Polyester Industry Chain Daily Report, and Chlor - Alkali Industry Spot and Futures Daily Report, covering price, inventory, and开工率 data of multiple chemical products, along with corresponding investment strategies [2][4][9][10] Polyolefin Industry Price Changes - L2601, L2509, PP2601, and PP2509 futures prices all increased on October 29, with L2601 up 0.34%, L2509 up 0.06%, PP2601 up 0.42%, and PP2509 up 0.37% [2] - Some spot prices remained stable, while华北LDPE膜料现货 rose 0.15% [2] Inventory and开工率 - PE企业 inventory decreased by 19.16% to 41.6 tons, and社会库存 decreased slightly by 0.04% to 54.5 tons [2] - PP企业 inventory decreased by 6.80% to 59.5 tons, and贸易商库存 decreased by 10.48% to 21.4 tons [2] - PE装置开工率 decreased by 0.37% to 81.5%, while下游加权开工率 increased by 1.85% to 45.8% [2] - PP装置开工率 decreased by 2.9% to 75.9%, while粉料开工率 increased by 7.1% to 41.4%, and下游加权开工率 increased by 1.0% to 52.4% [2] Core View - PP supply recovery slowed due to more unplanned maintenance, while PE supply is expected to increase. Demand improved, and both inventories decreased. Consider long - term low - buying opportunities for the 05 contract and track sanctions' impact on refinery loads [2] Pure Benzene - Styrene Industry Price Changes - Upstream prices such as布伦特原油 and WTI原油 increased slightly on October 29, while纯苯中石化华东挂牌价 remained unchanged [4] -苯乙烯华东现货 and related futures prices increased, with苯乙烯华东现货 up 0.6% [5] Inventory and开工率 -纯苯江苏港口库存 decreased by 14.1% to 8.50 tons, and苯乙烯江苏港口库存 decreased by 4.7% to 19.30 tons [7] -亚洲纯苯开工率 remained unchanged at 79.2%, while国内纯苯开工率 decreased by 3.6% to 72.7% [8] Core View - No specific core view was mentioned in the text, but price, inventory, and开工率 data can be used for investment analysis Polyester Industry Chain Price Changes - Upstream prices such as布伦特原油 and CFR日本石脑油 increased slightly on October 29 [9] - Most下游聚酯 product prices remained stable, with聚酯切片 price up 0.1% [9] Inventory and开工率 - MEG港口库存 decreased by 9.7% to 52.3 tons, and到港预期 increased significantly by 273.6% to 19.8 tons [9] -亚洲PX开工率 increased by 0.5% to 78.5%, and中国PX开工率 increased by 1.0% to 85.9% [9] Core View - PX supply contracted, and demand support strengthened. However, PX rebound space is limited. PTA,乙二醇,短纤, and瓶片 also have corresponding supply - demand situations and investment strategies [9] Chlor - Alkali Industry Price Changes -山东32%液碱折百价 and山东50%液碱折百价 remained unchanged on October 29, while华东电石法PVC市场价 increased by 0.4% [10] Inventory and开工率 -烧碱行业开工率 increased slightly by 0.1% to 85.6%, and烧碱山东样本开工率 increased by 3.2% to 86.6% [13] - PVC总开工率 decreased by 1.9% to 73.7% [13] Core View - No specific core view was mentioned in the text, but price, inventory, and开工率 data can be used for investment analysis

1. Report Industry Investment Rating - No relevant content found. 2. Core Viewpoints of the Report - **Industrial Silicon**: The supply of industrial silicon increased last week, with demand also rising. The inventory situation varies among different downstream sectors. The cost support has increased, and the 2601 contract is expected to fluctuate in the range of 8850 - 9060. There are both positive and negative factors in the market, such as cost - rising support and slow post - holiday demand recovery [6]. - **Polysilicon**: The supply of polysilicon decreased slightly last week, but the October production plan is expected to increase. The demand from downstream silicon wafers, battery cells, and components shows different trends, with some experiencing production cuts. The cost is stable, and the 2601 contract is expected to fluctuate between 53540 - 55170 [8]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - **Supply**: Last week's supply was 101,000 tons, a 2.02% increase from the previous week [6]. - **Demand**: Last week's demand was 94,000 tons, a 27.03% increase from the previous week. The demand has increased, but different downstream sectors have different inventory and profit situations [6]. - **Cost**: The production loss of sample oxygen - passing 553 in Xinjiang is 3141 yuan/ton, and the cost support has increased during the dry season [6]. - **Basis**: On October 28, the spot price of non - oxygen - passing in East China was 9300 yuan/ton, and the basis of the 01 contract was 345 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: The social inventory was 559,000 tons, a 0.53% decrease from the previous week; the sample enterprise inventory was 167,700 tons, a 0.17% decrease; the main port inventory was 123,000 tons, a 2.50% increase [6]. - **Disk**: The MA20 is upward, and the price of the 01 contract closed above the MA20 [6]. - **Main Position**: The main position is net short, and the short position has increased [6]. - **Expectation**: The supply schedule has increased and is near the historical average level. The demand recovery is at a low level, and the cost support has increased. The 2601 contract of industrial silicon is expected to fluctuate between 8850 - 9060 [6]. 3.1.2 Polysilicon - **Supply**: Last week's production was 29,500 tons, a 4.83% decrease from the previous week. The October production plan is 134,500 tons, a 3.46% increase from the previous month [8]. - **Demand**: The production of silicon wafers, battery cells, and components shows different trends. Some are in a loss - making state, and the production plans for October have decreased to varying degrees [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 36,050 yuan/ton, and the production profit is 15,450 yuan/ton [8]. - **Basis**: On October 28, the price of N - type dense material was 51,500 yuan/ton, and the basis of the 01 contract was - 1375 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory was 258,000 tons, a 1.97% increase from the previous week, at a high level compared to the same period in history [8]. - **Disk**: The MA20 is upward, and the price of the 01 contract closed above the MA20 [8]. - **Main Position**: The main position is net long, and the long position has increased [8]. - **Expectation**: The short - term supply schedule will increase, and the medium - term is expected to adjust. The short - term production of downstream products will decrease, and the medium - term is expected to recover. The overall demand shows continuous recovery, and the cost support is stable. The 2601 contract of polysilicon is expected to fluctuate between 53540 - 55170 [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - The prices of different contracts and spot prices of industrial silicon have minor fluctuations. The inventory situation of different regions and ports also shows different trends, with some increasing and some decreasing [15]. 3.2.2 Polysilicon - The prices of different contracts of polysilicon have decreased to varying degrees. The production, inventory, and export volume of downstream silicon wafers, battery cells, and components also show different trends [17]. 3.3 Other Information - There are also various trend charts in the report, including price - basis and delivery product price difference trends, inventory trends, production and capacity utilization trends, cost trends, and supply - demand balance trends of industrial silicon and its downstream products such as organic silicon, aluminum alloy, and polysilicon [19][22][25].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The iron ore market sentiment is currently warming, and the futures price has returned to a high level. However, with high supply and weakening demand, the fundamentals have not improved, and the upward driving force is not strong. The subsequent trend will mainly shift to high - level volatile operation, and attention should be paid to the performance of finished steel products [2] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be volatile, while the intraday trend is expected to be weakly volatile. Attention should be paid to the support at the MA5 line. The core logic is that the bullish factors are dominant, and the ore price has returned to a high level [1] 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. Steel mill production is weakening, terminal consumption is continuously declining, and the contradictions in the steel market are not alleviated, so the demand for ore will continue to weaken, dragging down the steel price. Due to weather factors, the arrival of ore at domestic ports has unexpectedly decreased, but overseas ore shipments remain high. According to the shipping schedule, the subsequent arrival will return to a high level. Coupled with stable domestic ore production, the supply pressure of ore is relatively large [2]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Iron ore is expected to oscillate repeatedly [2][5] - Rebar and hot-rolled coil prices are likely to show strong oscillatory trends driven by macro sentiment [2][6] - Ferrosilicon and silicomanganese are predicted to have wide-range oscillations [2][11] - Coke is expected to have a strong oscillatory trend [2][14] - Coking coal is supported by fundamentals and is likely to have a strong oscillatory trend [2][15] - Logs are expected to oscillate repeatedly [2][17] Summary by Related Catalogs Iron Ore - **Fundamentals**: The previous day's futures closing price was 792.5 yuan/ton, up 6.0 yuan or 0.76%. The previous day's position was 548,944 lots, a decrease of 9,902 lots. Among spot prices, the price of Karara fines (65%) increased by 6.0 yuan, PB fines (61.5%) by 4.0 yuan, and the price of Jinbuba (61%) decreased by 4.0 yuan. The basis of (12601, against Super Special) decreased by 6.0 yuan, and the basis of (12601, against Jinbuba) decreased by 10.3 yuan [4] - **Macro and Industry News**: On October 28, the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward suggestions on formulating the "15th Five-Year Plan" [4] - **Trend Intensity**: The trend intensity of iron ore is 0, indicating a neutral outlook [4] Rebar and Hot-Rolled Coil - **Fundamentals**: For rebar RB2601, the previous day's closing price was 3,091 yuan/ton, up 15 yuan or 0.49%. For hot-rolled coil HC2601, the previous day's closing price was 3,305 yuan/ton, up 28 yuan or 0.85%. Among spot prices, the prices of rebar in Shanghai, Hangzhou, and Beijing increased by 10 - 20 yuan, and the prices of hot-rolled coil in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 10 - 20 yuan. The basis of (RB2601) increased by 19 yuan, and the basis of (HC2601) increased by 4 yuan [6] - **Macro and Industry News**: On October 28, the suggestions on formulating the 15th Five-Year Plan for national economic and social development were released, which mentioned promoting the high-quality development of the steel industry. On October 23, the weekly data from Steel Union showed that the production of rebar increased by 5.91 tons, hot-rolled coil by 0.62 tons, and the total inventory of rebar decreased by 18.94 tons, hot-rolled coil by 4.27 tons. In September 2025, the national crude steel production was 73.49 million tons, a year-on-year decrease of 4.6% [7][9] - **Trend Intensity**: The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral outlook [9] Ferrosilicon and Silicomanganese - **Fundamentals**: The closing price of ferrosilicon 2601 was 5,564 yuan/ton, unchanged from the previous day, and the closing price of silicomanganese 2601 was 5,790 yuan/ton, down 12 yuan. Among spot prices, the price of manganese ore increased by 0.1 yuan/ton degree. The spot-futures price difference of ferrosilicon was -344 yuan/ton, and that of silicomanganese was -110 yuan/ton, an increase of 12 yuan [11] - **Macro and Industry News**: On October 28, the price range of 72 ferrosilicon in various regions was 5,100 - 5,250 yuan/ton, and the price range of 75 ferrosilicon was 5,700 - 5,800 yuan/ton. The northern quotation of 6517 silicomanganese was 5,550 - 5,600 yuan/ton, an increase of 25 yuan, and the southern quotation was 5,600 - 5,700 yuan/ton, a decrease of 25 yuan. In October, the operating rate of ferrosilicon enterprises in Xinjiang, Sichuan, Shanxi, and Chongqing was 37.5%, a decrease of 6.25% compared to September, and the output was expected to be 0.9 tons, a decrease of 0.06 tons compared to September [11] - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0, indicating a neutral outlook [13] Coke and Coking Coal - **Fundamentals**: The previous day's closing price of coking coal JM2601 was 1,263.5 yuan/ton, up 15 yuan or 1.2%, and the closing price of coke J2601 was 1,779.5 yuan/ton, up 22 yuan or 1.3%. Among spot prices, the price of Jinquan Mongolian 5 coking coal increased by 25 yuan, and the price of Shanxi quasi-primary coke delivered to the factory increased by 50 yuan. The basis of JM2601 in Shanxi decreased by 15.0 yuan, and the basis of J2601 in Shanxi quasi-primary delivered to the factory increased by 28.0 yuan [15] - **Macro and Industry News**: On October 28, the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward suggestions on formulating the "15th Five-Year Plan" [16] - **Trend Intensity**: The trend intensity of coke and coking coal is 0, indicating a neutral outlook [16] Logs - **Fundamentals**: For the 2511 contract, the closing price decreased by 4.2%, the trading volume decreased by 9.2%, and the position decreased by 49.1%. For the 2601 contract, the closing price decreased by 5.1%, the trading volume increased by 415.9%, and the position decreased by 11.7%. Among spot prices, most of the prices of various types of logs remained unchanged, with only a few showing slight decreases [18] - **Macro and Industry News**: On October 28, the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward suggestions on formulating the "15th Five-Year Plan" [20] - **Trend Intensity**: The trend intensity of logs is 0, indicating a neutral outlook [20]

Core Viewpoint - The Central Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the importance of developing direct financing methods such as equity and bonds, and promoting the steady growth of futures, derivatives, and asset securitization [1] Group 1 - The recommendations highlight the need for active development of direct financing methods, including equity and bond markets [1] - There is a focus on the gradual development of futures and derivatives markets [1] - The plan also emphasizes the importance of asset securitization as a means to enhance financial stability and efficiency [1]

Industry Overview - The capacity utilization rate of PVC production enterprises decreased to 76.57%, down 0.12% week-on-week and 0.67% year-on-year. The calcium carbide method utilization was at 74.38%, down 0.34% week-on-week and 1.91% year-on-year, while the ethylene method increased to 81.64%, up 0.38% week-on-week and 1.68% year-on-year [1] - The maintenance loss for PVC production last week was 80,500 tons, an increase of 1,600 tons compared to the previous period [1] - The current PVC industry inventory stands at 1.4249 million tons, showing a slight decrease from last week. The overall inventory (upstream + social) decreased by 1.47% week-on-week [1] Institutional Insights - Zhengxin Futures noted that with maintenance gradually recovering and high absolute inventory levels, the fundamental support is insufficient. However, prices are at relatively low levels, and domestic policy expectations suggest that PVC will mainly experience low-level fluctuations in the short term [2] - Guotou Anxin Futures observed that while pressure from manufacturers and society has decreased, the overall situation remains under high pressure. Production has slightly declined due to maintenance, and domestic demand is stable. Export activities in September continued to show positive trends. Recent stability in calcium carbide prices has not significantly supported costs, indicating a continuation of a weak market environment, with PVC likely operating within a bottom range due to potential policy pressures on exports [3]

Group 1: Report Investment Rating - Not provided Group 2: Core Viewpoints - The coal mine operating rate has increased, with the Erdos coal mine operating rate at 71% and the Yulin area at 44% as of October 23. Coal production has recovered, and the daily coal output in Erdos and Yulin is around 4 million tons. The pithead price has been rising due to strong demand [4]. - On the supply side, the raw coal price is firm, the auction price of mainstream methanol enterprises in the northwest is strong, the profit of coal - to - methanol is around 660 yuan/ton, and the methanol operating rate remains stable at a high level, resulting in a continuous loose domestic supply [4]. - At the import end, the US dollar price has slightly declined, and imports remain in a positive spread situation. Iranian plants are mostly operating normally, the non - Iranian operating rate has slightly declined, and the overseas operating rate is at a high level. The European and American markets have slightly declined, the China - Europe price difference is oscillating, and the Southeast Asian re - export window is closed. Iran has loaded 750,000 tons in October. Affected by sanctions, Iranian tenders have offered significant discounts, and there is an abundance of non - Iranian supplies [4]. - In terms of demand, the traditional downstream has entered the off - season with a decline in the operating rate, while the operating rate of MTO plants has increased. Some MTO plants are operating stably, while others are operating at less than full capacity [4]. - Regarding inventory, the import arrival has slightly decreased, the port inventory accumulation cycle has ended, and the basis is strong; the inventory of inland enterprises has fluctuated within a narrow range [4]. - Overall, the international plant operating rate has increased, some plants in Iran have restarted, and the daily output has increased to around 35,000 tons. Imports are gradually resuming, the port spot liquidity is sufficient, and the overall trading is light. The basis of spot prices is stable. The downstream demand is stable, the arrival volume is stable, the MTO operating rate has slightly declined, and the port inventory continues to accumulate. In the short term, methanol is mainly oscillating weakly under the background of high inventory [4]. Group 3: Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - Trading strategies: For single - side trading, short at high prices without chasing short positions; for arbitrage, stay on the sidelines; in the over - the - counter market, sell call options [4] Chapter 2: Weekly Data Tracking - **Supply - Domestic**: As of October 23, the overall domestic methanol plant operating load was 75.85%, a decrease of 0.70 percentage points from last week but an increase of 1.29 percentage points from the same period last year. The operating load in the northwest region was 84.89%, a decrease of 1.07 percentage points from last week and a decrease of 1.70 percentage points from the same period last year. The average operating load of non - integrated methanol plants was 67.80%, a decrease of 0.95 percentage points from last week [5]. - **Supply - International**: In the period from October 18 - 24, 2025, the international (ex - China) methanol production was 1,069,909 tons, a decrease of 25,950 tons from last week, and the plant capacity utilization rate was 73.34%. Some Iranian plants had different operating conditions, and only the M5 large - scale plant in South American MHTL was in operation [5]. - **Supply - Import**: As of 14:00 on October 22, 2025, the sample arrival volume of Chinese methanol at ports was 352,000 tons, including 316,300 tons of foreign vessels (251,800 tons of visible and 64,500 tons of non - visible, with 188,800 tons of visible in Jiangsu) and 35,700 tons of domestic vessels (6,500 tons in Jiangsu and 29,200 tons in Guangdong) [5]. - **Demand - MTO**: As of October 23, 2025, the weekly average capacity utilization rate of MTO plants in the Jiangsu and Zhejiang regions was 87.25%, a decrease of 0.83 percentage points from last week. The overall olefin industry operating rate decreased this week [5]. - **Demand - Traditional**: The capacity utilization rate of dimethyl ether was 5.33%, a month - on - month decrease of 9.97%. The capacity utilization rate of acetic acid was 74.4%. The formaldehyde operating rate was 38.87%. The overall capacity utilization rate of traditional downstream industries decreased compared with last week [5]. - **Demand - Direct Sales**: The weekly signing volume of methanol sample production enterprises in the northwest region was 51,300 tons, a decrease of 11,700 tons from the previous statistical date, a month - on - month decrease of 18.57% [5]. - **Inventory - Enterprises**: The inventory of production enterprises was 360,400 tons, an increase of 500 tons from the previous period, a month - on - month increase of 0.13%. The order backlog of sample enterprises was 215,700 tons, a decrease of 13,300 tons from the previous period [5]. - **Inventory - Ports**: As of October 22, 2025, the total methanol port inventory was 1,512,200 tons, an increase of 20,800 tons from the previous period. The inventory in East China increased by 30,000 tons, while that in South China decreased by 9,200 tons [5]. - **Valuation**: In terms of profit, the chemical coal in the northwest region rebounded, and the methanol price declined. The profit of coal - to - methanol in Inner Mongolia was around 460 yuan/ton, and in northern Shaanxi, it was 480 yuan/ton. The MTO loss narrowed, and the basis was stable [5]. - **Spot Prices**: The price in Taicang was 2,260 yuan/ton (- 20 yuan), and the price in the north line was 2,000 yuan/ton (- 60 yuan) [8]

苯乙烯产业链期货周报 研究员：隋斐 期货从业证号：F3019741 投资咨询证号：Z0017025 单边：中长期原油过剩预期难以证伪，成本支撑不足，供需格局偏弱，纯苯价格仍有向下压力。思路上维持逢高做空。 套利：观望 目录 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 17 GALAXY FUTURES 1 综合分析与交易策略 【综合分析-纯苯】 【交易策略】 期权：观望 GALAXY FUTURES 2 纯苯：上游方面，美国原油库存连续三周累库，地缘冲突影响反复，油价缺乏确定性的上行驱动，中长期原油过剩的预期难以证伪；纯苯&苯 乙烯成本支撑不足。节后中石化纯苯挂牌价较节前继续下调，本周纯苯华东港口库存下降，下旬纯苯抵港货源不多，后半周受英国制裁消息影 响华东现货市场成交气氛有所改善， 山东市场低价买气增加，成交有一定放量，加氢苯市场粗苯成交价格大幅回落带动加氢苯价格下调，山 东苯乙烯主流工厂检修，纯苯供应宽松，山东对华东市场纯苯贴水扩大，套利窗口打开。 节后京博石化裂解装置计划外停车，涉及纯苯年产能7万吨，本周广州石化10万吨纯苯计划内检修，计划检修至12月上旬，裕龙石化2 ...

2025 年 10 月 24 日 商 品 研 究 硅铁：成本底部抬升，宽幅震荡 锰硅：成本底部抬升，宽幅震荡 | | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2601 | 5574 | 3 6 | 128,690 | 184,331 | | 期 货 | 硅铁2605 | 5632 | 3 4 | 1,605 | 6,799 | | | 锰硅2601 | 5818 | 8 | 150,568 | 352,292 | | | 锰硅2605 | 5860 | 1 2 | 5,593 | 28,908 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | -- ...

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: October 24, 2025 [2] Investment Rating - No investment rating information provided Core View - Oil prices rebounded, and asphalt followed suit. The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. For the time being, take a wait - and - see approach on single - side trading [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2601, the opening price was 3236 yuan/ton, the closing price was 3277 yuan/ton, the highest was 3300 yuan/ton, the lowest was 3236 yuan/ton, the increase was 2.31%, and the trading volume was 283,000 lots. For BU2512, the opening price was 3255 yuan/ton, the closing price was 3294 yuan/ton, the highest was 3311 yuan/ton, the lowest was 3255 yuan/ton, the increase was 2.01%, and the trading volume was 62,300 lots [6] - Spot Market: Prices in North China, Shandong, and South China rose, those in Northeast China fell significantly, and prices in other regions were relatively stable. The decline in Northeast was due to weakening road - oriented demand and falling low - sulfur asphalt prices [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction at East China's Jinling Petrochemical and the non - resumption plans of some refineries in Shandong and Henan may lead to a decline in this week's asphalt operating rate [6] - Demand: Rainfall decreased in the north, providing some support for rigid demand, but the capital problem of small and medium - sized projects remained severe, and speculative demand was also low [6] 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Despite reduced supply from refineries, sufficient social inventory and low - price sales by some traders made it difficult to raise prices [7] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3270 - 3620 yuan/ton, up 10 yuan/ton. The rebound of international oil prices and asphalt futures boosted market sentiment. Although refinery quotes were stable, some traders raised prices, and good sales of low - price resources drove up the low - end price [7] 3. Data Overview - The report presented multiple data charts, including South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][13][15]