Core Viewpoint - The oil prices have plummeted to a four-year low, with a significant drop of over 0.6 yuan per liter in just one year, reflecting broader economic implications and consumer sentiment [1] Group 1: Current Oil Prices - As of the latest data, WTI crude oil is priced at $58.23 per barrel, down 1.10%, while Brent crude oil has fallen to $61.91 per barrel [1] - The current price levels indicate a return to the lows seen four years ago, impacting consumer budgets and overall economic sentiment [1] Group 2: Market Dynamics - The oil market is experiencing a complex interplay of supply and demand, characterized by a "supply glut" due to increased production signals from Iraq, which is pressuring prices downward [3] - Geopolitical tensions, particularly the Russia-Ukraine conflict and uncertainties surrounding Venezuela's policies, contribute to market volatility and risk premiums [3] Group 3: Monetary Policy Influence - The Federal Reserve's interest rate decisions significantly affect the strength of the dollar and global economic expectations, which in turn influence oil prices [4] - The next adjustment window for domestic oil prices is on December 22, with a current oil change rate of -0.89%, suggesting a potential price reduction of 40 yuan per ton [4] Group 4: Consumer Sentiment - There is a shift in consumer psychology from passive acceptance of rising prices to a more proactive wait-and-see approach regarding potential further declines in oil prices [4] - The emotional response to falling oil prices is mixed, with consumers feeling both relief and concern about the underlying economic implications of sustained low prices [6][7]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - In the short term, the shock correction of the precious metal market may continue due to some long - profit - taking funds leaving the market after the previous strong rally driven by interest - rate cut expectations. In the long term, platinum prices may maintain strong resilience supported by the Fed's interest - rate cut expectations, structural supply - demand deficits, the continuous progress of "platinum replacing palladium", and long - term demand expectations in the hydrogen economy. Palladium demand faces significant downward pressure during the "platinum replacing palladium" process in the gasoline purification catalyst field, and the palladium market is shifting from supply shortage to surplus. However, the bullish sentiment driven by interest - rate cut expectations may support the price, and the subsequent catch - up rally of palladium prices is expected to continue [2]. Summary by Relevant Catalogs Futures Market - The closing price of the platinum main contract was 439.65 yuan/gram, down 2.75 yuan; the closing price of the palladium main contract was 379.25 yuan/gram, down 2.70 yuan. The position of the platinum main contract was 10387.00 lots, down 277.00 lots; the position of the palladium main contract was 3179.00 lots, up 90.00 lots [2]. Spot Market - The Shanghai Gold Exchange's platinum spot price (Pt9995) was 428.00 yuan, up 1.00 yuan; the Yangtze River palladium spot price was 372.00 yuan, down 2.50 yuan. The basis of the platinum main contract was - 11.65 yuan/gram, up 3.75 yuan; the basis of the palladium main contract was - 7.25 yuan/gram, up 0.20 yuan [2]. Supply - Demand Situation - The CFTC non - commercial long positions of platinum were 9966.00 contracts, down 243.00 contracts; those of palladium were 3003.00 contracts, down 342.00 contracts. The total supply of platinum in 2025 is expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 is expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 is expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 is expected to be 287.00 tons, down 27.00 tons [2]. Macro Data - The US dollar index was 98.87, down 0.45; the 10 - year US Treasury real yield was 1.82%, down 0.03%. The VIX volatility index was 16.08, down 0.51 [2]. Industry News - The US ISM services PMI index in November rose to 52.6, a nine - month high. The new order growth declined from a one - year high, and the payment price index dropped to a seven - month low. The employment index rose to a six - month high. The US ADP employment decreased by 32,000 in November, against an expected increase of 10,000. The probability of the Fed cutting interest rates by 25 basis points in December is 89%, and the probability of keeping the interest rate unchanged is 11%. The US has invited the Ukrainian delegation to the US for peace - negotiation consultations. The platinum and palladium main contracts fluctuated weakly during the session, with the London platinum spot price significantly corrected and the London palladium spot price relatively resilient [2]. Key Points to Watch - On December 4th at 20:30, the number of Challenger corporate layoffs in the US in November; at 21:30, the number of initial jobless claims in the US for the week ending November 29th; the US PCE personal consumption expenditure data for September (time to be determined) [2].

能源化工周报—MEG 国内供应压力部分缓解 2025年12月2日 研究所 王江楠 TEL：010-82295006 从业资格证号：F03108382 投资咨询从业证书号：Z0021543 一、主要观点 主要逻辑 3 周内乙二醇止跌修复，主要原因是成本支撑。近期乙二醇装置 检修与重启并存，但后续新装置投产预期仍在，供应端仍有潜 在增量空间。下游聚酯进入淡季，开工已出现小幅下滑，供需 结构整体偏弱。随着兖矿、红四方等煤制装置出料提负，煤制 开工开始回升，供需双弱下价格修复程度有限。 下周预测：成本端，地缘冲突短期磋商成功的概率较低，预计 油价窄幅波动；产地煤矿保安全意识较强，部分有主动控制产 量计划，煤价窄幅偏弱调整为主。供应端，12月上旬关注盛虹 炼化以及富德能源检修落地，后续正达凯装置将重启。需求端， 聚酯负荷阶段性支撑较强，且有新装置的开车预期。港口库存 方面，11月份沙特货实际到港量创今年内最高值，12月中东货 源依旧难见明显减量。 综合来看，预计乙二醇区间运行，运行区间为3750-3950元/吨 运行，保持观望。 二、盘面及现货情况 盘面走势：成本助力下的修复 数据来源：Wind 5 周内成交106万手 ...

Group 1 - The overall demand for PS terminals in 2025 is expected to improve insufficiently due to multiple factors such as tariff policies, subsidy policies, and consumer willingness and ability being hindered, leading to a gradual negative feedback to various links in the industry chain [1] - The PS industry is experiencing a continuous decline in costs, resulting in a downward pressure on prices, with PS prices hitting new lows in 2025 [1][2] - As of early November 2025, the price of ordinary toluene in East China has dropped to 6,975 yuan/ton, a year-on-year decline of 28.09%, with the low-end price reaching a historical low of 6,850 yuan/ton [1] Group 2 - In 2025, the domestic PS production capacity is expected to increase by 16.52% year-on-year, with a production increase of 5.74%, leading to a total domestic PS capacity of approximately 8.04 million tons by the end of the year [1][2] - From January to September 2025, China's PS export volume reached 241,400 tons, a year-on-year increase of 49.44%, with total exports expected to exceed 300,000 tons by the end of the year [2] - The white goods industry, a major downstream consumer of PS, has shown effective demand for PS in the first half of 2025, but overall demand improvement is insufficient, leading to downward pressure on PS prices [3] Group 3 - The PS market in China is expected to show a trend of low-level rebound followed by oscillating declines in 2026, with average prices anticipated to drop compared to 2025 [4] - The international crude oil price is expected to continue to decline, impacting the prices of bulk chemical products and upstream materials, which may lead to a weakening of cost support for PS [4] - The supply side of PS is expected to remain under pressure in 2026 due to the concentrated release of new production capacity, while terminal demand improvement is expected to be moderate [4]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Overall, the finished steel products are supported by raw material costs at the lower end but constrained by inventory at the upper end, expected to trade in a range. Attention should be paid to the de - stocking speed of steel and downstream consumption, with the risk of negative feedback due to the decline in the profitability rate of steel enterprises [3]. - Iron ore prices will continue to be weak in the short term. Macroeconomic data in the US and China are weakening, and overseas risk events are reducing market drivers. Fundamentally, supply remains high, port inventories are accumulating, and demand is weak [20]. - Recently, downstream coke and steel mills have been replenishing stocks, and the inventory structure of coking coal has improved. However, steel mill profits are damaged, and the demand for coking coal and coke has peaked seasonally. In the medium - to - long term, policies restricting coking coal supply and winter storage may affect prices [30]. - Ferroalloys are expected to trade in a range as they return to the fundamentals of high inventory and weak demand after the macro - sentiment fades, but are supported by costs [45]. - Soda ash prices are restricted by high inventory but supported by costs. There is a weakening expectation for its rigid demand due to the cold - repair expectation of glass [54]. - Glass sales have weakened recently, and the spot market is under pressure. There is a small expected decline in supply. The 01 contract may decline towards the delivery date, but there is cost support and policy expectation in the long - term [80]. 3. Summary by Related Catalogs Steel - **Futures Prices**: On November 11, 2025, the closing price of rebar 01 contract was 3025 yuan/ton, down from 3044 yuan/ton on November 10. The closing price of hot - rolled coil 01 contract was 3242 yuan/ton, down from 3252 yuan/ton on November 10 [4]. - **Spot Prices**: On November 11, 2025, the aggregated rebar price in China was 3228 yuan/ton, up from 3223 yuan/ton on November 10. The aggregated hot - rolled coil price in Shanghai was 3260 yuan/ton, down from 3270 yuan/ton on November 10 [8][10]. - **Spreads**: On November 11, 2025, the 01 rebar/01 iron ore ratio was 4, the same as on November 10; the 01 rebar/01 coke ratio was 2, also the same as on November 10 [17]. Iron Ore - **Futures Prices**: On November 11, 2025, the closing price of 01 contract was 763 yuan/ton, down 2 yuan from November 10 and 12.5 yuan from November 4 [21]. - **Fundamentals**: As of November 7, 2025, the daily average pig iron output was 234.22 tons, down 2.14 tons week - on - week and 7.32 tons month - on - month. The 45 - port inventory was 14898.83 tons, up 356.35 tons week - on - week and 874.33 tons month - on - month [24]. Coking Coal and Coke - **Prices**: On November 11, 2025, the coking coal warehouse - receipt cost (Tangshan Mongolian 5) was 1238 yuan/ton, unchanged from November 10. The coke warehouse - receipt cost (Rizhao Port wet - quenched) was 1680 yuan/ton, unchanged from November 10 [34]. - **Market Situation**: Recently, downstream coke and steel mills have replenished stocks, and the inventory structure of coking coal has improved. However, steel mill profits are damaged, and the demand for coking coal and coke has peaked seasonally [30]. Ferroalloys - **Silicon Iron**: On November 11, 2025, the silicon iron basis in Ningxia was 42 yuan/ton, up 130 yuan from November 10. The silicon iron spot price in Ningxia was 5280 yuan/ton, up 30 yuan from November 10 [45]. - **Silicon Manganese**: On November 11, 2025, the silicon manganese basis in Inner Mongolia was 206 yuan/ton, up 56 yuan from November 10. The silicon manganese spot price in Ningxia was 5560 yuan/ton, up 10 yuan from November 10 [47]. Soda Ash - **Futures Prices**: On November 11, 2025, the soda ash 05 contract was 1292 yuan/ton, down 8 yuan from November 10; the 09 contract was 1356 yuan/ton, down 8 yuan from November 10; the 01 contract was 1215 yuan/ton, down 11 yuan from November 10 [55]. - **Market Situation**: Soda ash prices are restricted by high inventory but supported by costs. There is a weakening expectation for its rigid demand due to the cold - repair expectation of glass [54]. Glass - **Futures Prices**: On November 11, 2025, the glass 05 contract was 1184 yuan/ton, down 21 yuan from November 10; the 09 contract was 1261 yuan/ton, down 31 yuan from November 10; the 01 contract was 1053 yuan/ton, down 16 yuan from November 10 [81]. - **Market Situation**: Glass sales have weakened recently, and the spot market is under pressure. There is a small expected decline in supply. The 01 contract may decline towards the delivery date, but there is cost support and policy expectation in the long - term [80].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Pure Benzene and Styrene - The overall supply - demand of pure benzene is expected to be loose, with weak price drivers. It may follow the fluctuations of styrene and oil prices. Strategy: BZ2603 should follow the oscillations of styrene and oil prices [1]. - The supply - demand of styrene is also expected to be loose, and its price drivers are weak. EB12 price rebounds should be treated with a short - selling approach [1]. LLDPE and PP - The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. Attention should be paid to the impact of Sino - US frictions and US sanctions on refineries [3]. Polyester Industry Chain - PX may be strong in the short - term but has limited rebound space. PTA is boosted in the short - term but also has limited rebound space. Ethylene glycol has a weak long - term supply - demand structure. Short - fiber and bottle - chip also have limited rebound space [5]. Methanol - The price of methanol may continue to oscillate. Attention should be paid to the overseas plant operation stability, sanctions on ship clearance efficiency, and the port de - stocking rhythm [6]. Chlor - Alkali Industry - In the short - term, the price of caustic soda is weak, and it can be short - sold. PVC has large supply - demand pressure, and short - term short positions can stop profit [8]. Summaries by Catalogs Pure Benzene and Styrene Upstream Prices and Spreads - On October 23, Brent crude oil (December) was $66.99/barrel, up 5.4% from the previous day. WTI crude oil (December) was $61.79/barrel, up 5.6% [1]. - CFR China Naphtha was $682/ton, up 1.5%. Pure benzene - naphtha was -$119/ton, down 8.8% [1]. Related Prices and Spreads of Styrene - On October 23, styrene in East China spot was 6550 yuan/ton, unchanged from the previous day. EB futures 2512 was 6566 yuan/ton, up 0.1% [1]. Downstream Cash Flows - On October 23, phenol cash flow was - 390 yuan/ton, down 15.7% from the previous day. Aniline cash flow was 1021 yuan/ton, down 6.4% [1]. Inventory - As of October 20, pure benzene inventory in Jiangsu ports was 9.00 million tons, up 10.0% from October 13. Styrene inventory in Jiangsu ports was 20.25 million tons, up 3.1% [1]. Industry Chain Operating Rates - From October 9 to October 16, the Asian pure benzene operating rate was 79.2%, down 0.9%. The domestic pure benzene operating rate was 75.5%, down 3.8% [1]. LLDPE and PP Futures and Spot Prices - On October 23, L2601 closed at 6666 yuan/ton, up 0.91%. PP2601 closed at 6691 yuan/ton, up 1.09% [3]. Upstream and Downstream Operating Rates - As of the latest data, the PE device operating rate was 81.5%, down 0.37%. The PP device operating rate was 75.9%, down 2.9% [3]. Inventory - As of the latest data, PE enterprise inventory was 51.5 million tons, down 2.81%. PP enterprise inventory was 63.9 million tons, down 5.92% [3]. Polyester Industry Chain Upstream Prices - On October 23, Brent crude oil (December) was $66.99/barrel, up 5.4%. CFR China PX was $812/ton, up 1.8% [5]. Downstream Product Prices and Cash Flows - On October 23, POY150/48 price was 6360 yuan/ton, down 0.3%. POY150/48 cash flow was - 2 yuan/ton, down 89 [5]. Operating Rates - From the previous week to the current week, the Asian PX operating rate was 78.0%, down 1.9%. The PTA operating rate was 76.7%, up 3.1% [5]. Methanol Prices and Spreads - On October 23, MA2601 closed at 2292 yuan/ton, up 1.37%. The Taicang basis was - 89 yuan/ton, up 61.82% [6]. Inventory - As of the latest data, methanol enterprise inventory was 36.036%, up 0.13%. Methanol port inventory was 151.2 million tons, up 1.40% [6]. Upstream and Downstream Operating Rates - As of the latest data, the domestic upstream enterprise operating rate was 75.85%, down 0.91%. The downstream external - procurement MTO device operating rate was 78.1%, down 9.48% [6]. Chlor - Alkali Industry Spot and Futures Prices - On October 22, Shandong 32% liquid caustic soda equivalent price was 2562.5 yuan/ton, unchanged. V2601 was 4719 yuan/ton, up 0.4% [8]. Overseas Quotes and Export Profits - As of October 16, FOB East China port caustic soda was $380/ton, down 5.0%. The PVC export profit was 19 yuan/ton, down 81.5% [8]. Supply (Operating Rates and Profits) - From October 10 to October 17, the caustic soda industry operating rate was 85.5%, down 3.9%. The PVC total operating rate was 75.1%, down 7.0% [8]. Demand (Downstream Operating Rates) - From October 10 to October 17, the alumina industry operating rate was not available, and the viscose staple fiber industry operating rate was 88.6%, down 1.1% [8]. Inventory - As of October 16, the liquid caustic soda East China factory inventory was 19.5 million tons, down 1.1%. The PVC total social inventory was 55.6 million tons, down 0.1% [8].

Report Industry Investment Rating No relevant content found. Core Viewpoints - For the polyolefin industry, the overall macro - environment is pessimistic, and the cost and supply - demand situation are weak. The prices of PP and PE are under pressure. The 01 contracts of LLDPE and PP have limited upside space due to new device production pressure and lackluster demand [2]. - In the polyester industry, PX is expected to be strong in the short - term due to supply contraction and demand support. PTA may be boosted in the short - term. EG is under pressure due to inventory build - up. Short - fiber prices are expected to be strong in the short - term, and bottle - chip prices follow the cost side [4]. - Regarding pure benzene and styrene, the supply - demand of pure benzene is expected to be loose, and its price drive is weak. The supply - demand of styrene is also expected to be loose, and its price drive is weak. They may follow oil prices in the short - term [5]. - For PVC and caustic soda, short - term caustic soda prices are weak due to supply increase and general demand, while long - term there is demand support. PVC has large supply - demand pressure, and the short - term disk has stopped falling [6]. - In the methanol industry, the price may continue to oscillate under the supply - demand game, and attention should be paid to overseas device operation, port de - stocking, and overseas gas - limiting expectations [7]. Summary by Relevant Catalogs Polyolefin Industry - **Futures and Spot Prices**: On October 22, the closing prices of L2601, L2509, PP2601, and PP2509 increased. The price differences between L2509 - 2601 and PP2509 - 2601 changed. The prices of some spot products such as East China PP wire drawing and North China LDPE film also rose [2]. - **Inventory and Operating Rates**: PE and PP inventories decreased. The operating rates of PE and PP devices and downstream industries changed, with some increasing and some decreasing [2]. Polyester Industry - **Product Prices and Cash Flows**: On October 22, the prices of upstream products such as Brent crude oil and CFR Japan naphtha increased. The prices of downstream polyester products such as POY, FDY, and DTY also changed. The cash flows of some products decreased [4]. - **PX - Related**: Some PX devices had unplanned maintenance or load reduction, and a new PTA device was planned to be put into production. PX supply was expected to shrink, and demand was supported [4]. - **PTA - Related**: As some PTA devices restored their loads and new devices were about to be put into production, the PTA spot basis continued to weaken [4]. - **EG - Related**: Domestic ethylene glycol devices started up and increased their loads, and the supply was sufficient. It was expected to build up inventory in October [4]. - **Short - fiber and Bottle - chip**: Short - fiber supply was high, and demand was supported. Bottle - chip was in the traditional off - season, and demand was weak [4]. Pure Benzene and Styrene Industry - **Prices and Spreads**: On October 22, the prices of some products such as CFR China pure benzene and BZ futures 2603 increased. The spreads between pure benzene - naphtha and ethylene - naphtha decreased [5]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories changed, and the operating rates of industries in the pure benzene and styrene industrial chain also changed [5]. - **Supply - demand Analysis**: Pure benzene supply was expected to be loose due to new capacity and weak demand. Styrene supply was expected to be high, and demand was limited [5]. PVC and Caustic Soda Industry - **Futures and Spot Prices**: On October 22, the prices of SH2601 and V2601 increased, while SH2509 decreased. The price differences between SH2509 - 2601 and V2509 - V2601 changed [6]. - **Export and Inventory**: Caustic soda and PVC export prices and profits changed. The inventories of caustic soda and PVC also changed [6]. - **Supply - demand Analysis**: Caustic soda demand was weak in the short - term but had long - term support. PVC supply - demand pressure was large, and the market was weak [6]. Methanol Industry - **Prices and Spreads**: On October 22, the closing prices of MA2601 decreased, while MA2605 increased. The basis and regional price differences changed [7]. - **Inventory and Operating Rates**: Methanol inventories such as enterprise, port, and social inventories increased. The operating rates of upstream and downstream industries changed [7]. - **Supply - demand Analysis**: Overseas methanol production decreased, and there were expectations of supply reduction. Port inventory was high, and demand was weak in the traditional downstream [7].

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefins - The supply of PE is increasing steadily, with significant profit improvement, continuous increase in the operating rate, and limited planned maintenance. Overseas inventory clearance at the end of the year also brings impacts, highlighting long - term supply pressure. PP's valuation has been significantly repaired due to the sharp decline in propane and crude oil. Although there are more recent overhauls in PP, the new device commissioning pressure in October is large, and the demand side lacks bright performance. The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. Overall, the macro - environment is pessimistic, and the prices of PP and PE face pressure [2]. Methanol - At the port, due to sanctions, some warehouses do not accept sanctioned vessels, increasing the willingness to hold spot goods. Coupled with supply - side disturbances, the port basis has strengthened significantly. Overseas production has declined, and some devices have stopped. In late October, attention should be paid to the expected supply reduction caused by overseas gas restrictions. Inland supply has a certain bottom - support for prices due to a relatively healthy inventory structure. The demand side is weak. Overall, the price may continue to fluctuate under the supply - demand game, and attention should be paid to the port de - stocking rhythm and the implementation effect of overseas gas - restriction expectations [4]. Benzene - Styrene - For pure benzene, although there are device overhauls, there are also new production capacity commissioning expectations, and the domestic supply is expected to remain at a relatively high level. The downstream demand support is limited, and the inventory in East China ports may continue to decline. The price drive is weak in October. For styrene, under the double pressure of inventory and industry profit, some devices are under overhaul, but new devices are about to be commissioned, and the overall supply will remain high. The demand side support is also limited, and the price drive is weak. In the short - term, the price is still under pressure [6]. Polyester Industry Chain - For PX, the supply has shrunk compared to expectations due to unexpected overhauls or load reductions of some devices, while the demand has increased. However, overall, the supply - demand is still weak, and the price is in a weak oscillation. For PTA, the spot basis continues to weaken, but the downward space is limited. The absolute price is also in a weak oscillation. For short - fiber, the price is supported in the short - term, but the cost - side support is weak. For bottle - chips, it is likely to enter a seasonal inventory accumulation period, and it follows the cost - side fluctuations. For ethylene glycol, the domestic supply is abundant, and it is expected to accumulate inventory in October, with the upper price limit under pressure [7]. PVC and Caustic Soda - For caustic soda, the demand support from the aluminum industry is weak in the short - term, but there may be long - term demand support. The supply is increasing in the short - term, and the price is weak. For PVC, the supply - demand pressure is large, the fundamental contradiction is difficult to resolve, and the price is weak. The cost - side provides bottom support, and short - term short positions can stop profit [8]. Summary by Catalogs Polyolefins Price and Spread - L2601 closed at 6883 yuan/ton on October 21, up 4 yuan or 0.06% from the previous day. PP2601 closed at 6283 yuan/ton, up 18 yuan or 0.27%. The price difference between L2509 - 2601 decreased by 5.48%, and that of PP2509 - 2601 decreased by 24.71% [2]. Inventory - PE enterprise inventory increased by 27.67% to 48.9 (unit unclear), and social inventory decreased by 0.04% to 54.5. PP enterprise inventory increased by 30.96% to 68.1 (unit unclear), and trader inventory increased by 39.48% to 26.1 [2]. Operating Rate - The PE device operating rate decreased by 2.61% to 81.8%, and the downstream weighted operating rate increased by 1.26% to 44.9%. The PP device operating rate increased by 0.6% to 78.2%, the powder operating rate increased by 5.4% to 39.3%, and the downstream weighted operating rate increased by 0.2% to 51.9 [2]. Methanol Price and Spread - MA2601 closed at 2268 yuan/ton on October 21, up 2 yuan or 0.09%. The basis of Taicang decreased by 50.00% to - 33 [4]. Inventory - Methanol enterprise inventory increased by 6.33% to 36.09%, and port inventory decreased by 3.36% to 149.1 million tons [4]. Operating Rate - The domestic upstream operating rate decreased by 1.86% to 76.55%, and the overseas upstream operating rate increased by 2.28% to 73.7%. The downstream MTO device operating rate remained unchanged at 86.28% [4]. Benzene - Styrene Upstream Price and Spread - Brent crude oil (December) was at $61.32/barrel on October 21, up $0.31 or 0.5%. The price of pure benzene (Sinopec East China listed price) decreased by 3.5% to 5450 yuan/ton [6]. Styrene - Related Price and Spread - Styrene East China spot price was 6440 yuan/ton on October 21, up 70 yuan or 1.1%. The EB11 - EB12 spread increased by 81.9% [6]. Inventory - Pure benzene inventory in Jiangsu ports increased by 10.0% to 0.90 million tons, and styrene inventory increased by 3.1% to 20.25 million tons [6]. Operating Rate - The Asian pure benzene operating rate decreased by 1.1% to 79.2%, and the domestic pure benzene operating rate decreased by 4.8% to 75.5% [6]. Polyester Industry Chain Upstream Price - Brent crude oil (December) was at $61.32/barrel on October 21, up $0.31 or 0.5%. CFR Japan naphtha was at $540/ton, up $3 or 0.6% [7]. PX - Related Price and Spread - CFR China PX was at $784/ton on October 21, up $1 or 0.1%. The PX - naphtha spread was $244/ton, down $2 or 0.8% [7]. PTA - Related Price and Spread - PTA East China spot price was 4320 yuan/ton on October 21, up 5 yuan or 0.1%. The PTA spot processing fee was 122 yuan/ton, up 1.8% [7]. MEG - MEG East China spot price was 4075 yuan/ton on October 21, down 25 yuan or 0.6%. MEG port inventory increased by 7.0% to 57.9 million tons [7]. Operating Rate - The Asian PX operating rate decreased by 2.4% to 78.0%, and the PTA operating rate decreased by 4.3% to 74.4% [7]. PVC and Caustic Soda Price and Spread - Shandong 50% liquid caustic soda converted to 100% price remained unchanged at 2560.0 yuan/ton. V2509 was at 5125.0 yuan/ton on October 21, down 10 yuan or 0.2% [8]. Overseas Quotation and Export Profit - The FOB East China port price of caustic soda was $380/ton on October 16, down $20 or - 5.0%. The export profit of PVC decreased by 81.5% to 19.0 yuan/ton [8]. Operating Rate - The caustic soda industry operating rate decreased by 3.9% to 85.5%, and the PVC total operating rate decreased by 7.0% to 75.1% [8]. Inventory - Liquid caustic soda inventory in East China factories decreased by 1.1% to 19.5, and PVC total social inventory decreased by 0.1% to 55.6 [8].

1. Report Industry Investment Rating No information about the overall industry investment rating is provided in the report. 2. Core Views of the Report - The global copper supply - demand structure will be further tightened due to the accident at Freeport McMoRan's Grasberg mine, and with the Fed's expected interest rate cuts and the expansion of the US manufacturing industry, copper prices are expected to rise. It is recommended to buy on dips [4][13]. - Zinc shows a range - bound trend. Although there are some improvements in the supply side, the demand in the peak season is relatively weak. Attention should be paid to whether the export window opens, and it is recommended to be slightly bullish on dips [5][13]. - The aluminum industry chain presents a mixed situation. Aluminum is slightly bullish but it is recommended to wait and see; alumina is recommended to be shorted on rallies; and cast aluminum alloy can be short - term bullish [6][14]. - Tin is in a situation of weak supply and demand, and a short - term bullish strategy is recommended, while paying attention to the situation of the ore end and macro - impacts [7]. - Lead shows a range - bound upward movement. With the increase in supply after the end of maintenance and the existence of pre - holiday stocking demand, it is recommended to close long positions on rallies [17]. - Nickel and stainless steel prices fluctuate repeatedly. Nickel is affected by mine - end disturbances, and stainless steel is supported by cost. It is recommended to be slightly bullish on dips for both [10][17]. 3. Summary by Relevant Catalogs 3.1 Macro Logic - The Fed cut interest rates by 25bp, starting a new round of interest rate cuts. Further economic data changes need to be monitored to see if it can confirm the preventive interest rate cuts and their effectiveness, which will be beneficial to the later trend of non - ferrous metals [11]. - The US announced the implementation of the US - EU trade agreement, reducing the tariff on EU cars to 15% starting from August 1st. - The preliminary values of the Eurozone's September manufacturing, service, and composite PMIs showed mixed performance. The US September Markit manufacturing and service PMIs declined but remained in the expansion range, with prices easing. - China's one - year and five - year LPRs in September remained unchanged. The central bank governor stated that China's monetary policy adheres to an independent stance, taking into account both domestic and foreign factors, and is currently supportive and moderately loose [11]. 3.2 Metal - Specific Analysis 3.2.1 Copper - An accident at Freeport McMoRan's Grasberg mine has suspended production, and the company expects a 35% decline in copper and gold production in 2026. The earliest recovery to pre - accident production levels will be in 2027. - In the medium - to long - term, the Fed's expected interest rate cuts and the expansion of the US manufacturing industry are positive for copper prices. It is recommended to buy on dips, with a short - term support range of 80,000 - 81,000 yuan/ton and a pressure range of 83,000 - 84,000 yuan/ton. An option strategy of selling near - month slightly out - of - the - money put options can be considered [4][13]. 3.2.2 Zinc - Zinc shows a range - bound trend. The supply increase is gradually materializing, and the demand in the peak season is relatively weak. Attention should be paid to whether the export window opens. The support range is 21,800 - 22,000 yuan/ton, and the pressure range is 22,800 - 23,000 yuan/ton. It is recommended to be slightly bullish on dips [5][13]. 3.2.3 Aluminum Industry Chain - **Aluminum**: Slightly bullish, but it is recommended to wait and see. The support range is 20,200 - 20,500 yuan/ton, and the pressure range is 21,300 - 21,700 yuan/ton. - **Alumina**: It is recommended to short on rallies. The support range is 2,700 - 2,900 yuan/ton, and the pressure range is 3,500 - 3,700 yuan/ton. - **Cast Aluminum Alloy**: Short - term bullish. The support range is 20,000 - 20,300 yuan/ton, and the pressure range is 20,800 - 21,000 yuan/ton [6][14]. 3.2.4 Tin - In a situation of weak supply and demand, with tight supply due to issues such as ore shortages and delayed production resumption in Myanmar. The demand recovery is limited. It is recommended to be short - term bullish, with a support range of 260,000 - 265,000 yuan/ton and a pressure range of 280,000 - 290,000 yuan/ton [7][14]. 3.2.5 Lead - With the end of maintenance, the supply of primary lead will increase. There is pre - holiday stocking demand, but the upward momentum is limited. It is recommended to close long positions on rallies, with a support range of 16,800 - 17,000 yuan/ton and a pressure range of 17,400 - 17,500 yuan/ton [17]. 3.2.6 Nickel and Stainless Steel - **Nickel**: Affected by mine - end disturbances in Indonesia, prices fluctuate repeatedly. It is recommended to be slightly bullish on dips, with a support range of 118,000 - 120,000 yuan/ton and a pressure range of 125,000 - 128,000 yuan/ton. - **Stainless Steel**: Supported by cost, with a slowdown in inventory reduction. It shows a range - bound trend, with a support range of 12,700 - 12,800 yuan/ton and a pressure range of 13,000 - 13,200 yuan/ton [10][17]. 3.3 Market Performance - **Futures Closing Prices**: Copper closed at 79,960 yuan/ton with a 0.05% increase; zinc at 21,860 yuan/ton with a 0.07% increase; aluminum at 20,705 yuan/ton with a 0.10% increase; etc. [18]. - **Spot Prices**: The Yangtze River Non - ferrous copper spot price was 80,130 yuan/ton with a 0.04% increase; the Yangtze River Non - ferrous 0 zinc spot average price was 21,810 yuan/ton with a - 0.32% decrease; etc. [21][23]. 3.4 Position Analysis - For different non - ferrous metal futures contracts such as沪铜 (CU2511),氧化铝 (AO2601),沪镍 (NI2511), etc., the net long - short positions, their changes, and influencing factors are presented. For example, in沪铜 (CU2511), the main short positions are relatively strong, and the net long - short position difference is - 718, with an increase in long - position main forces [20]. 3.5 Industry Chain and Other Analysis - The report also provides various charts related to the non - ferrous metal industry chain, including inventory changes, processing fees, price comparisons, and arbitrage, option - related data for different metals such as copper, zinc, aluminum, etc. For example, charts of copper inventory changes, zinc concentrate processing fee changes, and copper option historical volatility are provided [25][28][78].

Report Title - Steel and Ore Weekly Report (September 15, 2025): Slow Recovery in Peak - Season Demand, Weak Performance in the Black Market [1] Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For steel products, last week, the supply - demand structure continued to weaken, with the peak - season characteristics not obvious. The market was disturbed by policy expectations, and attention should be paid to the demand recovery speed. For iron ore, the supply tightened last week, while the demand rebounded significantly, and the supply - demand structure improved notably. In the short term, the market may still trade on steel mills' resumption of production and replenishment, and the ore price may maintain a current oscillating and strengthening trend compared with steel products [5] Summary by Relevant Catalogs Steel Products 1.1 Price - The spot price of steel decreased slightly, and the futures price fluctuated weakly. The price of rebar 01 contract dropped by 16 to 3127, and the spot price in East China decreased by 20 to 3220 yuan/ton [5][15] 1.2 Supply - Blast furnace production increased significantly, while electric furnace production continued to decline. The utilization rate of blast furnace production capacity and daily iron - water output increased. The average capacity utilization rate of 90 independent electric - arc furnace steel mills decreased by 0.48 percentage points. Rebar production decreased by 6.75 tons, and hot - rolled coil production increased by 10.9 tons [5][18][26] 1.3 Demand - The recovery of building material demand in the peak season was slow, and the domestic demand pressure for plates remained. From September 3rd to 9th, the national cement delivery volume increased by 3.16% week - on - week but decreased by 16.44% year - on - year. The domestic demand for plates was still weak due to factors such as the contraction of manufacturing orders [30][32][35] 1.4 Profit - Blast furnace profits narrowed significantly, and electric furnace losses widened. The steel mill profitability rate decreased by 2.60 percentage points week - on - week. The average profit of 76 independent electric - arc furnace building material steel mills was - 151 yuan/ton [36][39] 1.5 Inventory - The accumulation speed of building material social inventory slowed down, and plate inventory decreased slightly. Rebar total social inventory increased by 18.6 tons to 487.2 tons, and hot - rolled coil sample total inventory decreased by 1 ton to 373.3 tons [41][44][47] 1.6 Basis - The basis narrowed, and the basis between futures and spot was expected to widen. The rebar basis dropped by 34 to 83, and the hot - rolled coil basis dropped by 14 to 46 [48][50] 1.7 Inter - delivery Spread - The far - month premium continued, and the inverted situation was difficult to reverse. The 1 - 5 spread of rebar deepened to - 62, and the 1 - 5 spread of hot - rolled coil was - 4 [52][54] 1.8 Inter - product Spread - The spread between hot - rolled coil and rebar on the futures market widened significantly and was expected to remain at a high level. The spread between hot - rolled coil and rebar on the futures market widened by 40 to 237, and the spot spread increased by 60 to 200 [55][57] Iron Ore 2.1 Price - The futures price of iron ore oscillated, and the spot price increased slightly. The 01 contract of iron ore increased by 10 to 799.5, and the spot price of PB fines at Rizhao Port increased by 10 to 793 yuan/ton [60][62] 2.2 Supply - Global shipments decreased month - on - month, and the overall supply tightened. The weekly average shipment of Australia was 1822.4 tons, and that of Brazil was 507.2 tons. The arrival of resources decreased month - on - month, and the short - term supply tightened [63][65][69] 2.3 Demand - Rigid demand: The iron - water output increased significantly, and the demand for iron ore recovered month - on - month. The daily average iron - water output of 247 sample steel mills was 240.55 tons, an increase of 11.71 tons week - on - week. Speculative demand: The port trading volume increased significantly, with the daily average trading volume of iron ore at major Chinese ports increasing by 11.9 tons [72][74][78] 2.4 Inventory - Port inventory increased slightly, mainly due to the previous loose supply. As of September 12th, the total inventory of 47 ports was 14456.12 tons, an increase of 30 tons month - on - month. Steel mill inventory increased slightly, and downstream actively replenished inventory for the resumption of production [79][81][84] 2.5 Shipping - Shipping prices increased slightly. The shipping price from Australia to Qingdao increased by 0.295 dollars to 10.295 dollars, and that from Brazil to Qingdao increased by 0.14 dollars to 23.71 dollars [85][87] 2.6 Spread - The 1 - 5 spread of iron ore decreased slightly, and the 01 contract discount widened slightly. The 1 - 5 spread was 22, a decrease of 2.5 month - on - month [88][89] Strategy Recommendations - For steel products, take a wait - and - see approach for single - side trading and consider the opportunity to short the ratio of rebar to iron ore. For iron ore, aggressive investors can consider short - term long positions on pullbacks. For arbitrage, consider shorting rebar and going long on iron ore. For spot - futures trading, industrial customers are advised to hold spot and establish a small number of short positions on the futures market when the price rebounds, and form a positive arbitrage position [5][9]