Report Summary 1) Industry Investment Rating - The trend strength of pure benzene is 0, indicating a neutral outlook. The report suggests that pure benzene will be weak in the fourth quarter [2]. 2) Core View - The report analyzes the fundamentals of pure benzene, including futures prices, price spreads, port inventories, and market news. It concludes that pure benzene will be weak in the fourth quarter [1][2]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures prices: BZ2603, BZ2604, and paper - based prices (N + 1, N + 2) decreased, while BZ2605 remained unchanged. Price spreads such as BZ2603 - EB2508 and BZ2604 - BZ2605 also changed [1]. - Port inventories: Pure benzene's East - China port inventory decreased by 10,000 tons to 134,000 tons, and styrene's East - China port inventory increased by 6,760 tons to 133,690 tons [1]. - Price differences: The price difference between Shandong pure benzene and hydrogenated benzene decreased by 100, and the difference between Shandong and East - China pure benzene increased by 25 [1]. [News] - As of September 15, 2025, Jiangsu's pure benzene port inventory decreased by 10,000 tons (6.94% MoM) to 134,000 tons, up 168% YoY. Jiangsu's styrene port inventory decreased by 17,500 tons (9.92% MoM) to 159,000 tons [2]. - On September 15, Shandong's non - long - term pure benzene non - long - association trading volume was about 1,700 tons, with an average price of 6,005 yuan/ton, up 35 yuan/ton. East - China's pure benzene spot and forward prices also increased [2].

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][2] 2. Core Viewpoints - The short - term trend of pure benzene is volatile, and it will be weak in the fourth quarter [1] - The trend strength of pure benzene is 0, indicating a neutral outlook [2] 3. Summary by Relevant Content 3.1 Fundamental Tracking - In futures prices, BZ2603 was 6073, up 41 from the previous day; BZ2604 was 6055, up 29; BZ2605 was 6072, up 27. The spreads between different contracts also changed, such as BZ2603 - BZ2604 increasing by 12 to 18 [1] - The paper - cargo prices N + 1 and N + 2 both increased by 60, reaching 6005 and 6015 respectively [1] - Shandong pure benzene price was 6035, up 30 from the previous day. The difference between Shandong pure benzene price and hydrogenated benzene price increased by 30 to 180, while the difference with East China pure benzene price decreased by 30 to 45 [1] - Pure benzene inventory in East China ports decreased by 1 to 13.4, and styrene inventory in East China ports increased by 6760 to 133690 [1] 3.2 News - As of September 15, 2025, the commercial inventory of pure benzene in Jiangsu ports was 13.4 tons, a month - on - month decrease of 1.0 tons (6.94%) and a year - on - year increase of 8.4 tons (168.00%). From September 8 - 14, arrivals were about 1.8 tons and pick - ups were about 2.8 tons [2] - As of September 15, 2025, the inventory of styrene in Jiangsu ports was 15.9 tons, a decrease of 1.75 tons (- 9.92%) from the previous period. The commercial inventory was 7.8 tons, a decrease of 0.9 tons (- 10.34%) [2] - On September 15, the non - long - term contract trading volume of Shandong pure benzene was about 1700 tons, with a self - pick - up price range of 6000 - 6010 yuan/ton and an average price of 6005 yuan/ton, up 35 yuan/ton from the previous day [2] - The spot negotiation price of pure benzene in East China was 5910 - 5950 yuan/ton (average 5930, up 20). The September lower transaction price was 5910 - 5960 yuan/ton (average 5935, up 25), the October lower was 5920 - 5970 yuan/ton (average 5945, up 35), and the November lower was 5930 - 5980 yuan/ton (average 5955, up 30) [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The soybean oil futures market experienced a significant decline, with the main contract showing a notable drop and a significant reduction in open interest, indicating a growing sentiment of capital leaving the market. The sudden negative news regarding the US biodiesel policy and the high inventory levels at domestic ports jointly pressured the market. Despite the support from the high premium of the spot market, the fundamental bearish situation remains difficult to change. In the short term, the market lacks effective positive drivers, and it is expected that the futures price will maintain a weak and volatile trend. Attention should be paid to the guidance of the MPOB and USDA reports and the actual performance of pre - holiday stocking demand [10]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 10, 2025, the soybean oil futures market showed a downward trend. The main contract y2601 closed at 8,256 yuan/ton, down 162 yuan/ton from the previous trading day, with a change rate of - 1.92%. The trading volume was 448,885 lots, and the open interest was 611,919 lots, a decrease of 19,824 lots [2]. - **Variety Price**: The total trading volume of soybean oil contracts was 512,750 lots, and the total open interest was 858,927 lots, a decrease of 21,352 lots from the previous day [4]. - **Related Market**: The soybean oil options traded 34,460 lots throughout the day, with an open interest of 87,808 lots, an increase of 2,445 lots, and 0 lots exercised [7]. 3.2 Spot Market The spot price of first - grade soybean oil in Zhangjiagang on the day was 8,510 yuan/ton, the settlement price of the main contract y2601 was 8,322 yuan/ton, and the basis was 188 yuan/ton [8]. 3.3 Influencing Factors On September 9, commodity funds net - sold 1,000 lots of CBOT soybean futures contracts, 3,500 lots of corn futures contracts, 1,000 lots of wheat futures contracts, net - bought 4,000 lots of soybean meal futures contracts, and net - sold 5,500 lots of soybean oil futures contracts [9].

报告行业投资评级 - Not provided 报告的核心观点 - PG main contract fluctuates weakly, with the cheapest deliverable being East China civil LPG at 4481. The basis first weakens then strengthens to 70 (+59). The 9 - 10 spread is -721 (-212), and the 10 - 11 spread is 87 (+7). The registered warrant volume is 13207 lots (+320). The September CP official price remains stable, with propane and butane at 520/490. The fundamentals show that port inventories are decreasing, refinery commercial volume increases by 2.47%, and overall, the market is expected to rise steadily [1] 根据相关目录分别进行总结 日度变化 - The daily change shows that the price of South China LPG remains unchanged, East China LPG increases by 5, Shandong LPG remains unchanged, propane CFR South China increases by 6, propane CIF Japan increases by 5, MB propane spot decreases by 1, CP forecast contract price decreases by 1, Shandong ether - post - carbon four increases by 20, Shandong alkylated oil remains unchanged, paper import profit decreases by 47, and the main basis increases by 3. P - to - PP production profit weakens, CP production cost is lower than FEI. The PG futures fluctuates, and the 10 - 11 spread is 87 (+10). The US - to - Far - East arbitrage window is closed. The cheapest deliverable on Friday is East China civil LPG at 4481 [1] 周度观点 - The PG main contract fluctuates weakly. The cheapest deliverable is East China civil LPG at 4481. The basis first weakens then strengthens to 70 (+59). The 9 - 10 spread is -721 (-212), the 10 - 11 spread is 87 (+7). The registered warrant volume is 13207 lots (+320). The September CP official price remains stable, with propane and butane at 520/490. FEI and CP spreads fluctuate, MB spreads strengthen, and the oil - gas ratio changes little. The domestic - foreign spread fluctuates. The PG - CP is 106, the PG - FEI is 85, and the FEI - CP is 21.5 (+4.5). The US - Asia arbitrage window fluctuates and is closed. The AFEI offshore discount is 5.5 (-0.5), and the CP South China CIF discount is 65 (+8). Freight rates are flat, the waiting time at the Panama Canal decreases, but the auction fee remains high. The FEI - MOPJ widens to -56 (-10), and the naphtha crack spread strengthens slightly. PDH spot profit changes little, and paper profit fluctuates downward. The production gross profit of alkylated oil declines. MTBE gross profit decreases. Fundamentally, port inventories are decreasing, refinery commercial volume increases by 2.47%, and plant inventories increase but are generally controllable. PDH operating rate is 73.02% (-2.64pct), Wanhua Phase II is under maintenance, and Quanzhou Guoheng restarts at the end of the week. Next week, Quanzhou Guoheng is expected to increase production, and Hebei Haiwei plans to shut down. The alkylation operating rate is 48.42% (+0.74), and the MTBE operating rate is 63.54% (+0). Although the peak season is coming to an end, demand remains weak. East China is the cheapest delivery area, with expected tight supply, improved demand, and increased import costs, and the overall market rises steadily [1]

Industry Investment Rating - No information provided Core Viewpoints - PX has a weak unilateral trend, with the main contract shifting positions. The 1 - 5 month - spread is in a reverse arbitrage. Although weekend sales volume boosts the overall price of the industrial chain, it doesn't change the medium - term weak trend. PXN has short - term support starting from late August [7]. - PTA has a weak unilateral trend. Hold the mid - term position of long MEG and short PTA. Under low processing fees, pay attention to the support of unplanned production cuts on PTA processing fees, and conduct 1 - 5 reverse arbitrage. PTA supply decreases while demand increases, but high坯布 inventory and weak crude oil prices affect its performance [8]. - MEG has a weak and oscillating unilateral trend. Hold the mid - term position of long MEG and short PTA. Keep the 9 - 1 spread in the range of - 50 to 0 and pay attention to 1 - 5 reverse arbitrage. This week, both supply and demand of ethylene glycol increase, but the near - end driving force for the industrial chain is weak [9]. Market Dynamics PX - On the 12th, the price of PX decreased, with an Asian spot for October trading at 834. There was no negotiation for September at the end of the session, and the negotiation ranges for October and November were 833/840 and 821/837 respectively. The 9/10 swap changed from +5 to -1 on the 12th. The news of a 90 - day extension of the Sino - US tariff truce buffered the loss in the PX market, and crude oil futures rose during the session. The PX - naphtha price spread narrowed to 263.67 dollars/ton [5]. PTA - A 700,000 - ton PTA plant in Taiwan, China, stopped on the weekend, and the restart time is to be tracked. A 2.2 - million - ton PTA plant in East China is currently restarting after a maintenance starting around August 1st [6]. MEG - From August 11th to 17th, the expected arrival quantities at Zhangjiagang, Taicang, Ningbo, and Shanghai ports are 46,000 tons, 95,000 tons, 0 tons, and 0 tons respectively, with a total expected arrival at major ports of about 141,000 tons [6]. Polyester - On the 12th, the sales of direct - spun polyester staple fibers were average, with an average sales - to - production ratio of 52%. The sales of polyester yarns in Jiangsu and Zhejiang were weak, with an estimated average sales - to - production ratio of 30% - 40% [6][7]. Trend Intensity - PX trend intensity is -1, indicating a weak trend [7]. - PTA trend intensity is -1, indicating a weak trend [7]. - MEG trend intensity is 0, indicating a neutral trend [7]. Futures and Spot Data Futures - PX, PTA, MEG, PF, and SC had price increases of 0.80%, 0.42%, 0.41%, 0.37%, and 1.19% respectively. The 9 - 1 month - spreads of PX, PTA, MEG, PF, and SC changed by 18, -8, -3, -14, and -1.3 respectively [4]. Spot - The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent changed by -1, 10, 18, 2, and -0.49 respectively. The PX - naphtha price spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread changed by -7.5, 25.77, 24.14, 23.07, and 0 respectively [4].

Report Information - Report Title: LPG Industry Weekly Report - Report Date: August 10, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - The provided content does not mention the industry investment rating. Core Viewpoints - Some plant restarts have driven the PDH operating rate up to around 73%, and there are still new production plans in August, with a marginal improvement in chemical demand [3]. - The sales-to-production ratio of sample enterprises is 101%, a 1-percentage-point increase from the previous period, indicating a short-term relief of shipment pressure [3]. - Port inventories have increased to 321.6 million tons (+8.2 million tons), reaching a new high for the year, with significant supply pressure [3]. - The official August CP price for propane is $520 per ton ($55 lower than the previous period), and the landed cost is suppressing domestic prices [3]. - During the off-season, combustion demand is weak. The increase in chemical demand cannot offset the pressure of high inventories. Coupled with the decline in import costs, LPG will continue its volatile and weak pattern [4]. Data Charts - The content includes multiple data charts, including the settlement price of propane's Far East landed price FEI: M1 (daily), the seasonal ratio of FEI to Brent (daily), PDH profit/operating rate, the seasonal ratio of FEI to MOPJ spread (daily), FEI discount, Middle East offshore discount (daily), the settlement price of propane's US offshore price: M1 (daily), the seasonal ratio of MB to WTI (daily), CP M1 - MB M1, VLGC freight, US propane weekly production, US propane import volume (weekly seasonal), US propane inventory (weekly seasonal), and US propane export volume (weekly seasonal) [5][9][12][15][17]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The PTA market is waiting for the peace - talk information between the US and a European country. International oil prices are weak, and PTA has insufficient cost support. With a weak supply - demand structure, the PTA market declined slightly today. The PTA supply has shrunk, and port inventories have decreased. The spread between PX and naphtha has expanded, but alkyl transfer and TDP profit margins are not optimistic. PTA basis has weakened, and market replenishment willingness has declined [2] - The coal price has rebounded, driving up the ethylene glycol price. However, the macro - sentiment has weakened slightly, and the chemical industry has followed the weakening of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may significantly affect the market. The future arrival volume of ethylene glycol has decreased. Polyester production and sales have weakened, downstream weaving profits have shrunk, and terminal loads have significantly declined, which is a negative impact on the market [2] Group 3: Summary by Relevant Catalogs 1. Market Data - **Crude Oil**: INE crude oil price dropped from 501.0 yuan/barrel on August 7th to 489.8 yuan/barrel on August 8th, a decrease of 11.20 yuan/barrel [2] - **PTA**: The PTA - SC spread increased from 1047.2 yuan/ton to 1124.6 yuan/ton, a rise of 77.39 yuan/ton. The PTA/SC ratio increased from 1.2876 to 1.3159, an increase of 0.0283. The PTA main - contract futures price dropped from 4688 yuan/ton to 4684 yuan/ton, a decrease of 4.0 yuan/ton. The PTA spot price dropped from 4690 yuan/ton to 4670 yuan/ton, a decrease of 20.0 yuan/ton. The spot processing fee increased from 150.6 yuan/ton to 191.7 yuan/ton, a rise of 41.2 yuan/ton. The futures - based processing fee increased from 163.6 yuan/ton to 205.7 yuan/ton, a rise of 42.2 yuan/ton. The PTA main - contract basis increased from (20) to (18), an increase of 2.0. The PTA warehouse - receipt quantity remained unchanged at 33459 [2] - **PX**: CFR China PX price dropped from 840 to 831, a decrease of 9. The PX - naphtha spread increased from 259 to 261, an increase of 2 [2] - **MEG**: The MEG main - contract futures price dropped from 4396 yuan/ton to 4384 yuan/ton, a decrease of 12.0 yuan/ton. The MEG - naphtha spread increased from (90.51) yuan/ton to (89.70) yuan/ton, an increase of 0.8 yuan/ton. The MEG domestic price dropped from 4486 to 4465, a decrease of 21.0. The MEG main - contract basis decreased from 76 to 73, a decrease of 3.0 [2] 2. Industry Chain Operating Rates - PX operating rate remained unchanged at 78.11%. PTA operating rate dropped from 76.09% to 74.50%, a decrease of 1.59%. MEG operating rate remained unchanged at 58.15%. Polyester load remained unchanged at 87.09% [2] 3. Polyester Product Data - **Polyester Filament**: POY150D/48F price dropped from 6665 to 6660, a decrease of 5.0. POY cash flow increased from (98) to (79), an increase of 19.0. FDY150D/96F price dropped from 6965 to 6960, a decrease of 5.0. FDY cash flow increased from (298) to (279), an increase of 19.0. DTY150D/48F price dropped from 7910 to 7890, a decrease of 20.0. DTY cash flow increased from (23) to (49), an increase of 4.0. Polyester filament production and sales increased from 38% to 40%, an increase of 2% [2] - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price remained unchanged at 6550. Polyester staple fiber cash flow increased from 137 to 161, an increase of 24.0. Polyester staple fiber production and sales increased from 46% to 57%, an increase of 11% [2] - **Polyester Chips**: Semi - bright chip price dropped from 5805 to 5795, a decrease of 10.0. Chip cash flow increased from (58) to (44), an increase of 14.0. Chip production and sales decreased from 92% to 89%, a decrease of 3% [2] 4. Device Maintenance - A 720 - million - ton PTA plant of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw - material logistics [2]

Core View - Propane dehydrogenation unit operating rate increased to 73.13% (weekly increase of 1.35%), and the support for chemical demand marginally strengthened [2] - Saudi CP prices were lowered (propane at $575/ton, butane at $545/ton), reducing the import cost at the port of arrival and partially alleviating domestic price pressure [2] - Domestic refinery operating rate was at a high level, with the commercial volume maintained above 520,000 tons and port inventory exceeding 3 million tons [2] - Consumption was sluggish during the off - season, and the sales - to - production ratios in East China and South China dropped to 99% and 93% respectively (weekly decrease of 1% - 7%) [2] - Despite the marginal improvement in chemical demand, supply pressure and the off - season for combustion dominated the market. Coupled with high port inventory, the price rebound space was limited [3] Data Charts - The report includes multiple data charts, such as the daily settlement price of propane's Far - East Inbound Price FEI: M1, the seasonal comparison between FEI and Brent, PDH profit/operating rate, FEI/MOPJ spread seasonality, propane's US FOB price, MB and WTI ratio seasonality, VLGC freight, US propane weekly production, import volume, inventory, and export volume [4][5][7]

Supply - Global shipments decreased by 78,000 tons to 29.871 million tons this week, with Australia and Brazil's total shipments increasing by 810,000 tons to 24.198 million tons [1] - The four major mining companies' shipments rose by 132,000 tons to 2.133 million tons, while shipments from other non-mainstream countries fell by 88,000 tons to 489,000 tons [1] - The total arrival volume at 45 ports was 26.621 million tons, an increase of 178,200 tons [1] Demand - Daily pig iron production averaged 2.4244 million tons, an increase of 26,300 tons [1] - The blast furnace operating rate was 83.46%, up by 0.31% [1] - The utilization rate of blast furnace ironmaking capacity reached 90.89%, an increase of 0.98% [1] - Steel mill profit margin was 60.17%, up by 0.43% [1] Inventory - Port inventory saw a slight increase, with average daily dispatch volume rising, while steel mills' imported ore inventory decreased [1] - The inventory at 45 ports was 137.8521 million tons, an increase of 193,200 tons [1] - The average daily dispatch volume at 45 ports was 3.2274 million tons, an increase of 32,300 tons [1] - Steel mills' imported ore inventory was 88.2216 million tons, a decrease of 1.5748 million tons [1] Market Outlook - The iron ore September contract showed a strong upward trend this week, with a slight decrease in global shipment volume but an increase in shipments from Australia and Brazil [2] - The arrival volume at 45 ports increased slightly, and the demand side saw a recovery in pig iron production, returning to over 2.4 million tons per day [2] - Steel mill profit margins remain high, and the Ministry of Industry and Information Technology is expected to announce a growth plan for key industries, which may support demand [2] - Short-term iron ore prices are expected to remain strong, with strategies suggesting to buy on dips [2]

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The supply of pure benzene remains ample due to the restart of large domestic plants and high port arrivals. Downstream demand is limited, mainly supported by styrene and caprolactam. There are plans for new downstream plants to start production this month, which may improve the supply - demand imbalance. In the short term, the low - valuation situation of spot goods caused by weak supply - demand may continue, and the spot price of pure benzene is expected to fluctuate at a low level. The daily operating range of BZ2603 is expected to be around 6070 - 6200 [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6122 yuan/ton, down 44 yuan; the main settlement price is 6139 yuan/ton, down 14 yuan. The main trading volume is 12912 lots, down 1137 lots; the main open interest is 13126 lots, down 765 lots [2]. Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions are 5960 yuan/ton, 5800 yuan/ton, 5950 yuan/ton, and 5800 yuan/ton respectively, with changes of - 10 yuan/ton, - 60 yuan/ton, 0 yuan/ton, and - 40 yuan/ton [2]. - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5950 yuan/ton and 5675 yuan/ton respectively, with changes of - 50 yuan/ton and 0 yuan/ton [2]. - The spot price of pure benzene in South Korea (FOB) is 724 dollars/ton, unchanged; the CIF price in China is 740.5 dollars/ton, unchanged [2]. Upstream Situation - The spot price of Brent DTD crude oil is 70.18 dollars/barrel, down 0.93 dollars; the CFR price of naphtha in Japan is 581.38 dollars/ton, down 2.37 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 43.17 tons, down 0.16 tons. The port inventory is 17.4 tons, down 0.3 tons [2]. - The production cost of pure benzene is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The开工率 of styrene is 79.21%, down 0.82%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2]. Industry News - From July 4th to 10th, the weekly profit of pure benzene was 584 yuan/ton, down 153 yuan/ton compared to the previous period [2]. - As of July 14th, the commercial inventory of pure benzene in Jiangsu ports was 16.4 tons, down 5.75% from the previous period [2]. - BZ2603 fluctuated weakly, closing at 6122 yuan/ton. Last week, the impact of shutdowns of petroleum benzene plants expanded, with the capacity utilization rate down 0.29% to 77.85%; three hydrogenated benzene plants shut down, with the capacity utilization rate down 9.32% to 61.95% [2].