Report Industry Investment Rating - Not provided in the report Core Viewpoints - In the short term, the overall upward trend of butadiene rubber has slowed down and gradually entered a volatile pattern. The previous continuous rise of butadiene rubber was mainly due to the improvement of butadiene fundamentals and strong expectations for the far - month. However, this week, due to the marginal weakening of the overall fundamental data of butadiene and butadiene rubber, coupled with the large premium of futures over spot, the speculative nature of futures prices has weakened and prices have corrected. Butadiene currently presents a pattern of neutral reality and strong expectations, and the short - term fundamentals of butadiene are neutral. The visible inventory of butadiene rubber has increased this week, and its fundamentals have weakened. Overall, the processing profit of butadiene rubber may be compressed, and the futures price has corrected under the high - premium pattern. But due to the strong expectations of butadiene still bringing some speculative nature, it has entered a volatile pattern in the short term [3] Summary by Relevant Catalogs 1. Fundamental Tracking Futures Market - For the butadiene rubber main contract (02 contract), the daily closing price was 11,020 yuan/ton (down 20 yuan from the previous day), the trading volume was 127,276 lots (down 158 lots), the open interest was 101,995 lots (up 619 lots), and the trading value was 703,480 ten - thousand yuan (down 2,972 ten - thousand yuan) [1] Spread Data - The basis of Shandong butadiene - futures main contract was - 170 (down 80 from the previous day), and the monthly spread of BR01 - BR05 was - 80 (up 45 from the previous day) [1] Spot Market - For butadiene rubber prices, the prices of North China, East China, South China (private) and Shandong market (delivery product) decreased by 0 - 100 yuan/ton compared with the previous day. For styrene - butadiene rubber prices, the price of Qilu styrene - butadiene (model 1502) decreased by 50 yuan/ton, and the price of Qilu styrene - butadiene (model 1712) remained unchanged. For butadiene prices, the mainstream prices in Jiangsu and Shandong decreased by 50 yuan/ton [1] Fundamental Indicators - The butadiene rubber operating rate was 76.7608%, the theoretical full cost was 10,534 yuan/ton, and the profit was 366 yuan/ton, all remaining unchanged from the previous day [1] 2. Industry News - As of December 17, 2025, the domestic butadiene rubber inventory was 34,000 tons, an increase of 2,100 tons from the previous period, a month - on - month increase of 6.45%. The inventory of sample production enterprises increased, and the inventory of sample trading enterprises with cargo rights also increased [2] - As of December 17, the latest inventory of butadiene in East China ports was about 36,000 tons, a slight increase of 100 tons from the previous period. Although the inventory change was not significant this period, there were still some trade inventories and the expectation of ocean - going vessel arrivals, so attention should be paid to the phased inventory changes [2][3]

| 业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监 午可 【2011】1292号 2025年12月20日 | | | | 纪元菲 | Z0013180 | | 现货价格及主力合约基差 | | | | | | | 品和 | 12月18日 | 12月17日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧S15530工业硅 | 9200 | 9200 | O | 0.00% | | | 基差(通氧S15530基准) | ર્ | 730 | -175 | -23.97% | | | 华东SI4210工业硅 | 9650 | 9650 | O | 0.00% | 元/吨 | | 基差 (Sl4210基准) | 205 | 380 | -175 | -46.05% | | | 新疆99硅 | 8750 | 8750 | 0 | 0.00% | | | 基差(新疆) | | 1080 | -175 | -16.20% | | | 月间价差 | | | | | | | 合药 | 12月18日 | 12月17日 | 涨跌 | 涨跌幅 ...

Group 1: Market Overview - The aluminum oxide market experienced fluctuations, with the main contract for January 2601 rising to 2558 yuan, an increase of 24 yuan or 0.95% [1] - The total trading volume for 12 contracts was 372,105 lots, a decrease of 488,798 lots or 30.16% compared to the previous trading day [1] - The inventory in the Shanghai Futures Exchange decreased by 2,394 tons to 24.6 million tons, providing some support for aluminum oxide prices [3] Group 2: Regional Price Trends - In South China, aluminum oxide prices remained stable at 2810-2860 yuan per ton, while East China saw a slight decrease of 10 yuan to 2730-2770 yuan per ton [1] - Southwest China reported prices between 2820-2860 yuan per ton, down by 5 yuan, and Northwest China prices remained unchanged at 2950-2990 yuan per ton [1] Group 3: Supply and Demand Dynamics - Guinea's bauxite shipments have increased, weakening cost support for aluminum oxide [3] - Domestic aluminum oxide production capacity reached 11,462 million tons, with operational capacity at 9,590 million tons, reflecting a month-on-month increase of 100,000 tons [3] - The overall market sentiment remains weak due to high inventory levels and limited demand from downstream purchasing, leading to a subdued trading atmosphere [3] Group 4: Economic Context - The U.S. non-farm employment growth exceeded expectations in November, but the unemployment rate rose to 4.6%, influencing market expectations for further interest rate cuts [2] - The Central Economic Work Conference in China emphasized expanding domestic demand as a primary task for the coming year, boosting market sentiment and supporting futures markets [2]

| | 业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询 务 【2011】1292号 2025年12月19日 | | | | 纪元菲 | Z0013180 | | 现货价格及主力合约基差 | | | | | | | 品种 | 12月17日 | 12月16日 | 涨跌 | 涨跌幅 | 单位 | | 华东通氧SI5530工业硅 | 9200 | 9200 | O | 0.00% | | | 墓差 (通室S15530章准) | 730 | 835 | -105 | -12.57% | | | 华东SI4210工业硅 | 9650 | 9650 | O | 0.00% | | | 基差 (SI4210基准) | 380 | 485 | -105 | -21.65% | 元/吨 | | 新疆99硅 | 8750 | 8750 | 0 | 0.00% | | | 基差(新疆) | 1080 | 1185 | -105 | -8.86% | | | 月间价差 | | | | | | | 合钩 | 12月17日 | 12月16日 | 涨跌 | 涨跌幅 | ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： 消息方面，2025年11月，我国进口食糖44万吨，同比减少9.34万吨。2025年1-11月，我国进口食糖 434.16万吨；2025/26榨季（10-11月），我国进口食糖118.62万吨。现货报价方面，广西新糖报价 5270~5380元/吨，下调20~30元/吨；云南制糖集团新糖报价5150~5260元/吨，下调20元/吨；加工糖厂主 流报价区间为5650~5900元/吨，个别下调10元/吨。11月进口数据基本在市场预期之内，国内方面现货 报价不断下调，市场承压，期价已经跌破大部分企业生产成本线，但悲观情绪下仍未有止跌迹象，以空 头思路对待但避免低位追空。关注糖浆及预混粉11月进口情况。 棉花： 周四，ICE美棉上涨0.22%，报收63.57美分/磅，CF601环比上涨0.11%，报收13960元/吨，主力合约持仓 环比增加10681手至74.19万手，棉花3128B现货价格指数14750元/吨，较前一日上调35元/吨。国内市场 方面，宏观层面仍有扰动，美国CPI数据超预期降温，美元指数与美棉价格重心共振上移。美棉出口方 面，数据更 ...

Report Industry Investment Ratings No relevant information provided. Core Views Industrial Silicon - Industrial silicon spot prices stabilized, while futures prices rose and then fell. The price is expected to remain in a low - level oscillation, with the main range between 8000 - 9000 yuan/ton. If production drops significantly, it may reach 10000 yuan/ton; if polysilicon production cuts are large and industrial silicon production cuts fall short of expectations, the price may drop to 7500 yuan/ton. [1] Polysilicon - Polysilicon futures prices continued to rise strongly, with a large premium over the spot average. The supply is excessive, and the demand is weak. The price is expected to remain in a high - level oscillation. If production cuts are significant, the futures may remain strong; if not, the high premium may converge to the spot price. [2] Tin - The supply of tin ore remains tight, and the demand in some regions shows resilience. Tin prices are expected to remain strong within the year. [4] Lithium Carbonate - The lithium carbonate market was affected by news, with the main contract rising. The fundamentals have not changed much, with both supply and demand being strong. The price may remain strong in the short - term, but there is a risk of a pullback. [5] Nickel - The nickel market was affected by Indonesian nickel ore news and macro factors. The fundamentals are relatively loose, and the price may repair slightly in the short - term, with the main reference range of 112000 - 116000 yuan/ton. [7] Stainless Steel - The stainless - steel market was affected by low valuations and nickel price rebounds. It is in a situation of weak supply and demand, and is expected to oscillate and adjust in the short - term, with the main operating range of 12200 - 12800 yuan/ton. [9] Zinc - The zinc market is affected by macro - level risk aversion. The supply is gradually changing from loose to tight, and the demand has a structural improvement. The short - term Shanghai zinc price may be stronger than the London zinc price. [13] Copper - The copper market is affected by macro factors and supply - side concerns. The price bottom has shifted up, and short - term price fluctuations may be intensified by macro events. [14] Aluminum - The alumina market has a pattern of high supply and high inventory, and the price is expected to remain in a bottom - level oscillation. The electrolytic aluminum market is expected to oscillate widely, with the main contract in the range of 21700 - 22400 yuan/ton. [17] Cast Aluminum Alloy - The cast aluminum alloy market is in a game between strong cost support and weak demand. It is expected to remain in a high - level narrow - range oscillation, with the main contract in the range of 20700 - 21400 yuan/ton. [18] Summary by Relevant Catalogs Industrial Silicon - **Spot Prices and Basis**: The prices of East China oxygen - containing SI5530, SI4210, and Xinjiang 99 silicon remained unchanged on December 17 compared to December 16. The basis of various types decreased. [1] - **Inter - month Spreads**: The inter - month spreads of most contracts changed significantly, with some showing large decreases or increases. [1] - **Fundamental Data**: National industrial silicon production decreased by 11.17%, and the national operating rate decreased by 4.84%. The production and operating rates in Yunnan and Sichuan decreased significantly, while those in Xinjiang increased slightly. [1] - **Inventory Changes**: Xinjiang, Yunnan, and Sichuan factory inventories and social inventories increased slightly, while the change in warehouse receipt inventory was zero. [1] Polysilicon - **Spot Prices and Basis**: The average prices of N - type re - feedstock and N - type granular silicon remained unchanged. The N - type material basis decreased significantly. [2] - **Futures Prices and Inter - month Spreads**: The main contract price rose, and the inter - month spreads of some contracts changed significantly. [2] - **Fundamental Data**: Weekly silicon wafer production increased by 1.67%, and monthly polysilicon production decreased by 14.48%. [2] - **Inventory Changes**: Polysilicon and silicon wafer inventories increased. [2] Tin - **Spot Prices and Basis**: The prices of SMM 1 tin and Yangtze River 1 tin increased by 1.65%. The LME 0 - 3 premium increased by 12.00%. [4] - **Inter - month Spreads**: The inter - month spreads of some contracts changed significantly. [4] - **Fundamental Data**: In October, tin ore imports increased by 33.49%, and SMM refined tin production increased by 53.09%. [4] - **Inventory Changes**: SHEF inventory, social inventory, and LME inventory increased. [4] Lithium Carbonate - **Prices and Basis**: The prices of various types of lithium carbonate and related raw materials increased to varying degrees. [5] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [5] - **Fundamental Data**: In November, lithium carbonate production and demand increased, and the inventory decreased. [5] Nickel - **Prices and Basis**: The prices of various types of nickel increased slightly, and the premium of Jinchuan nickel continued to rise. [7] - **Cost of Electrolytic Nickel**: The cost of some methods of producing electrolytic nickel changed. [7] - **New Energy Material Prices**: The price of battery - grade lithium carbonate increased, while the price of battery - grade nickel sulfate decreased slightly. [7] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [7] - **Supply, Demand and Inventory**: Chinese refined nickel production and imports decreased, while domestic inventories increased. [7] Stainless Steel - **Prices and Basis**: The spot price of stainless steel increased slightly, and the futures - spot price difference decreased. [9] - **Raw Material Prices**: The price of some raw materials remained stable, while the price of high - carbon ferrochrome increased slightly. [9] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [9] - **Fundamental Data**: Chinese 300 - series stainless steel production decreased slightly, and exports decreased significantly. [9] Zinc - **Prices and Spreads**: The price of SMM 0 zinc ingot decreased by 0.69%, and the import loss increased. [13] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [13] - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and the operating rates of some downstream industries changed. [13] - **Inventory Changes**: Chinese zinc ingot social inventory decreased, while LME inventory increased. [13] Copper - **Prices and Basis**: The price of SMM 1 electrolytic copper increased by 0.49%, and the premium decreased. [14] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [14] - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and the operating rates of some copper - related industries decreased. [14] - **Inventory Changes**: Domestic social inventory increased, while the bonded area inventory decreased. [14] Aluminum Alumina - **Prices and Spreads**: The prices of alumina in various regions decreased slightly. [17] - **Fundamental Data**: In November, alumina production decreased by 4.44%, and the operating rate increased slightly. [17] - **Inventory Changes**: Alumina plant inventory, port inventory, and electrolytic aluminum plant alumina inventory increased. [17] Electrolytic Aluminum - **Prices and Spreads**: The price of SMM A00 aluminum increased by 0.55%. [17] - **Fundamental Data**: In November, domestic and overseas electrolytic aluminum production decreased. [17] - **Inventory Changes**: Chinese electrolytic aluminum social inventory increased slightly. [17] Cast Aluminum Alloy - **Prices and Spreads**: The prices of various types of cast aluminum alloy increased slightly. [18] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [18] - **Fundamental Data**: In November, the production of regenerated and primary aluminum alloy ingots increased, and the operating rates of related industries increased. [18] - **Inventory Changes**: The social inventory of regenerated aluminum alloy ingots decreased slightly. [18]

Report Industry Investment Rating - No information provided Core Viewpoints - For the US corn market, it has entered the export peak season with high phased supply pressure, and the global and US corn supply - demand remains relatively loose, suppressing international prices. However, the USDA's downward adjustment of the 2025/26 US corn ending - inventory forecast supports the price [3]. - In the domestic Northeast region, the acquisition of reserve warehouses has increased since December, supporting the market bottom. But high prices limit purchasing enthusiasm, and with rumors of wheat and reserve corn regulation, the supply has increased and prices have fallen [3]. - In the North China and Huang - Huai regions, new - season corn supply is abundant, industry operating rates are rising, and supply - side pressure is increasing. Although the inventory of starch enterprises has increased, holiday备货 may boost demand, and the rise of cassava starch may also increase the demand for corn starch [3]. Summary by Directory Futures Market - Corn futures: The closing price of the active contract is 2190 yuan/ton; the 5 - 9 monthly spread is - 27 yuan/ton; the open interest of the active contract is 1001351 lots, an increase of 12746 lots; the net long position of the top 20 holders is - 87155 lots, an increase of 9707 lots; the registered warehouse receipts are 53277 lots, a decrease of 1163 lots; the CS - C spread of the main contract is 335 yuan/ton, an increase of 2 yuan/ton [2]. - Corn starch futures: The closing price of the active contract is 2499 yuan/ton, a decrease of 13 yuan/ton; the 3 - 5 monthly spread is - 47 yuan/ton; the open interest of the active contract is 104235 lots, a decrease of 27863 lots; the net long position of the top 20 holders is - 30748 lots, an increase of 2763 lots; the registered warehouse receipts are 2500 lots [2]. Outer - market - CBOT corn: The closing price of the active contract is 440.75 cents/bushel, an increase of 4.75 cents; the total open interest is 1616139 contracts, an increase of 13001 contracts; the non - commercial net long position is 120900 contracts, an increase of 77887 contracts [2]. Spot Market - Corn: The average spot price is 2349.61 yuan/ton, a decrease of 1.17 yuan/ton; the FOB price at Jinzhou Port is 2290 yuan/ton, an increase of 10 yuan/ton; the CIF price of imported corn is 2121.58 yuan/ton, an increase of 1.11 yuan/ton; the international freight of imported corn is 50 dollars/ton [2]. - Corn starch: The factory quotes in Changchun, Weifang, and Shijiazhuang are 2570 yuan/ton (a decrease of 20 yuan/ton), 2800 yuan/ton, and 2730 yuan/ton respectively; the basis of the main corn starch contract is 71 yuan/ton, a decrease of 7 yuan/ton; the basis of the main corn contract is 159.61 yuan/ton, an increase of 14.83 yuan/ton; the spread between Shandong starch and corn is 466 yuan/ton, an increase of 18 yuan/ton [2]. - Substitute spot prices: The average wheat price is 2516.39 yuan/ton, a decrease of 1.39 yuan/ton; the spread between cassava starch and corn starch is 725 yuan/ton, a decrease of 36 yuan/ton; the spread between corn starch and 30 - powder is - 239 yuan/ton, a decrease of 10 yuan/ton [2]. Upstream Situation - Corn production forecasts: The predicted annual production in the US is 425.53 million tons, a decrease of 1.58 million tons; in Brazil is 131 million tons; in Argentina is 53 million tons; in China is 295 million tons; in Ukraine is 32 million tons [2]. - Sown areas: The predicted sown areas of corn in the US, Brazil, Argentina, and China are 36.44 million hectares (an increase of 0.55 million hectares), 22.6 million hectares, 7.5 million hectares, and 44.3 million hectares respectively [2]. Industry Situation - Corn inventory: The inventory at southern ports is 31.5 tons, a decrease of 20.2 tons; at northern ports is 152 tons, a decrease of 11 tons; the deep - processing corn inventory is 294 tons, an increase of 18.6 tons; the starch enterprise inventory is 107.4 tons, an increase of 2.5 tons [2]. - Import and export: The monthly import volume of corn is 36 tons, an increase of 30 tons; the monthly export volume of corn starch is 19.17 tons, an increase of 6.39 tons [2]. - Production: The monthly production of feed is 2977.9 tons, an increase of 20.9 tons [2]. Downstream Situation - Consumption: The weekly consumption of deep - processed corn is 141.67 tons, a decrease of 0.09 tons [2]. - Operating rates: The operating rate of alcohol enterprises is 68.22%, a decrease of 2.06%; the operating rate of starch enterprises is 62.31%, a decrease of 0.53% [2]. - Processing profits: The processing profits of corn starch in Shandong, Hebei, and Jilin are 2 yuan/ton (an increase of 10 yuan/ton), 74 yuan/ton, and - 67 yuan/ton (a decrease of 14 yuan/ton) respectively [2]. Option Market - Corn historical volatility: The 20 - day historical volatility is 11.7%, a decrease of 0.02%; the 60 - day historical volatility is 9.45% [2]. - Implied volatility: The implied volatility of at - the - money call options is 1.48%, a decrease of 7.11%; the implied volatility of at - the - money put options is 5.17%, a decrease of 3.41% [2]. Industry News - China's corn and corn flour imports in November were 56 tons, a year - on - year increase of 87.5%. The cumulative imports from January to November were 185 tons, a year - on - year decrease of 86.1% [2]

工业硅日报 工业硅&多晶硅日报（2025 年 12 月 18 日） 一、研究观点 点评 17 日工业硅震荡偏强，主力 2605 收于 8470 元/吨，日内涨幅 1.56%，持仓 增仓 8547 手至 21.1 万手。百川工业硅现货参考价 9593 元/吨，较上一交易 日上调 13 元/吨。最低交割品#421 价格跌至 8850 元/吨，现货升水收至 380 元/吨。多晶硅震荡偏强，主力 2605 收于 61595 元/吨，日内涨幅 4.36%，持仓增仓 5450 手至 15.3 万手；百川多晶硅 N 型复投硅料价格持稳 在 52350 元/吨，最低交割品硅料价格持稳在 52350 元/吨，现货对主力贴 水扩至 9295 元/吨。西南两地硅厂减产达到此前预期位置，由于减产节奏 拉的比较长，减产不及下游采购跌量，市场对于减产消息反馈不太敏感。 当前成交集中在套保单或未交付前期订单。工业硅自身缺乏涨势，短期受 多晶硅带涨。晶硅现货过剩和仓单短缺结构性矛盾下，日内厂家大幅提升 现货报价，与部分咨询网站延续持稳报价相悖。当前平台收储情绪发酵， 叠加仍未出现大量注册新仓单，近月多头情绪开始向全合约蔓延。期现逻 辑脱钩， ...

【期现】 截至12月17日收盘，焦煤期货震荡走势，夜盘反弹，以收盘价统计，焦煤近月2601合约-3.0(-0.31%)至 970.5，焦煤主力2605合约-5.5(-0.52%)至1062.0，1-5价差走强至-92.0。S1.3G75山西主焦煤(介休)仓单 1230元/吨，环比+0.0元/吨，基差+168.0元/吨；S1.3G75主焦煤(蒙5)沙河驿仓单1135/吨(对标)，环比-4.0 元/吨，蒙5仓单基差+73.0元/吨。焦煤期货大幅下跌后反弹，山西煤焦现货延续跌势，蒙煤现货报价跟 随期货波动。 【供给】 截至12月11日，汾渭统计88家样本煤矿产能利用率83.45%，环比-1.05%，原煤产量842.82万吨/周，周环 比-10.58万吨/周，原煤库存198.18万吨，周环比+3.51万吨，精煤产量432.89万吨/周，周环比-5.29万吨/ 周，精煤库存126.52万吨，周环比-1.09万吨。 截至12月17日，钢联统计523矿样本煤矿产能利用率86.6%，周环比+1.3%，原煤日产192.7万吨/日，周 环比+2.9万吨/日，原煤库存478.9万吨，周环比+6.5万吨，精煤日产75.7吨/日，周环 ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The current core contradiction in the market is that although the continuous reduction of futures warehouse receipts and the firm external market quotations provide bottom support, the domestic supply - demand fundamentals have not changed substantially. The supply - side pressure still exists, with port inventories remaining at a high level despite a slight decline, and the demand side is weak, leading to poor sales of high - priced pulp. The market lacks a one - sided driver to break the current stalemate, with price increases constrained by weak demand and price decreases supported by cost and supply - side expectations. The price of softwood pulp may continue to be under pressure, while hardwood pulp is expected to remain relatively firm under the support of external market costs. [4][5] 3. Summary by Relevant Catalogs 3.1 Fundamental Data - **Futures Market (05 Contract)**: The daily closing price of the pulp main contract increased by 38 yuan/ton to 5,506 yuan/ton, and the night - closing price increased by 80 yuan/ton to 5,538 yuan/ton. The trading volume decreased by 206,895 hands to 319,068 hands, the open interest decreased by 189 hands to 207,655 hands, the warehouse receipt quantity decreased by 3,566 tons to 187,098 tons, and the net position of the top 20 members increased by 5,369 hands to - 17,545 hands. [3] - **Spread Data**: The basis of Silver Star - futures main contract decreased by 38 to 94, the basis of Goldfish - futures main contract (non - standard) decreased by 38 to - 856, and the monthly spread of SP03 - SP05 decreased by 6 to - 38. [3] - **Spot Market**: For softwood pulp, the domestic prices of Northwood, Cariboo, Lion Brand, Moon, Silver Star, and Russian Needle are 5,850 yuan/ton, 5,800 yuan/ton, 5,750 yuan/ton, 5,450 yuan/ton, 5,600 yuan/ton, and 5,400 yuan/ton respectively, and the international price of Silver Star is 700 US dollars/ton. For hardwood pulp, the domestic prices of Goldfish, Star, and others range from 4,500 - 4,650 yuan/ton, and the international price of Star is 570 US dollars/ton. The domestic price of Chemimechanical pulp (Kunhe) is 3,800 yuan/ton, and the domestic and international prices of Unbleached pulp (Venus) are 5,150 yuan/ton and 620 US dollars/ton respectively. [3] - **Trend Intensity**: The pulp trend intensity is 0, indicating a neutral view. [3] 3.2 Industry News - The futures market was dominated by capital sentiment yesterday, with the SP2605 contract closing flat in the day session, and the spot market prices remained stable. The softwood pulp spot price ranges from 5,200 - 5,800 yuan/ton, and the hardwood pulp ranges from 4,300 - 4,800 yuan/ton. It is recommended to pay attention to changes in port inventories and the procurement sentiment in the base paper market. [4][5]