Workflow
库存管理
icon
Search documents
广发期货有色早报-20250806
Yong An Qi Huo· 2025-08-06 03:47
本周锌价震荡下行。供应端,8月国产TC较7月上涨100元/吨,进口TC继续上升。8月冶炼端增量进一步兑现。需求 端,内需季节性走弱,除上海外现货大部分转贴水;海外,欧洲需求一般,但部分炼厂因为加工费问题生产有一定阳 力,现货升贴水小幅提高。国内,社库震荡上升。海外LME库存5月后震荡去化,持仓集中度高位下降。策略方面,短 期,建议观望关注商品情绪持续性,注意仓位管理,可适当逢高空配;内外方面,内外正套可继续持有;月差方面,可留 意月间正套机会。 镍 : 日期 1.5菲律宾镍矿 高镍铁 沪镍现货 金川升贴水 俄镍升贴水 2025/07/30 58.0 - 120950 2100 300 2025/07/31 58.0 - 119050 2200 300 2025/08/01 58.0 - 118650 2250 350 2025/08/04 58.0 - 119150 2350 350 2025/08/05 57.0 - 120000 2250 350 变化 -1.0 - 850 -100 0 日期 现货进口收益 期货进口收益 保税库premium LME C-3M LME库存 LME注销仓单 2025/07/ ...
Boise Cascade(BCC) - 2025 Q2 - Earnings Call Transcript
2025-08-05 16:02
Financial Data and Key Metrics Changes - Consolidated second quarter sales were $1.7 billion, down 3% from 2024 [7] - Net income was $62 million or $1.64 per share, compared to $112.3 million or $2.84 per share in the prior year quarter [7] - Included in the results were a $7.7 million pre-tax gain on asset sales [7] Business Line Data and Key Metrics Changes - Wood Products sales were $447.2 million, down 9% year-over-year, with segment EBITDA at $37.3 million compared to $95.1 million in the prior year [10] - Building Materials Distribution (BMD) sales were $1.6 billion, down 2% from the previous year, with segment EBITDA of $91.8 million compared to $97.1 million [10] - BMD's gross margin was 15.4%, a 60 basis point year-over-year improvement despite increased selling and distribution expenses [11] Market Data and Key Metrics Changes - U.S. housing starts and single-family housing starts decreased by 18% compared to the prior year quarter [7] - Plywood sales volume was 356 million feet, down from 383 million feet in the second quarter of 2024 [13] - Average plywood net sales price was $342 per 1,000 feet, down 6% year-over-year [13] Company Strategy and Development Direction - The company is focused on addressing near-term challenges while maintaining service standards and investing in sustainable growth opportunities [9] - The modernization project at the Oakdale Mill is substantially complete, enhancing operational efficiency and reliability [8] - The company aims to solidify and expand its market-leading national distribution presence [16] Management's Comments on Operating Environment and Future Outlook - Management expects headwinds for residential construction activity to persist, with a range of potential EBITDA outcomes for the third quarter [19] - Long-term demand drivers for residential construction remain robust, supported by structural and generational factors [22][23] - The company anticipates consumer confidence to improve with lower interest rates and greater clarity on U.S. economic policy [23] Other Important Information - Capital expenditures for the first half of 2025 were $132 million, with a commitment to a capital spending range of $220 million to $240 million for the year [15] - The company paid $18 million in regular dividends and repurchased approximately $96 million of common stock in 2025 [18] Q&A Session Summary Question: Performance gap between LVL and I-joist volumes - Management noted that LVL has better resiliency due to diverse application opportunities, while I-joist is more limited [27] Question: EWP destocking and its impact - Management indicated that purchase profiles are changing, with less mill directs and more activity in distribution [47] Question: Operating rates and EWP pricing outlook - Operating rates were in the low 80s for EWP, with expectations of a decline to 65-70% depending on demand [49] Question: Update on the strike at the Billings facility - The strike involves 19 employees at one BMD location, with no anticipated material impact on operations [51][52] Question: General line business performance - General line categories performed well, with expectations to remain strong due to customer reliance on distribution inventories [58]
反内卷预期降温,双焦期价大幅下跌
Cai Da Qi Huo· 2025-08-04 10:54
反内卷预期降温,双焦期价大幅下跌 【期现行情】 财达期货|焦煤焦炭周报 2025-08-04 上周焦煤 2601 合约周五收于 1092.5,周跌幅 17.14%,现货市场主流地区报价 暂稳运行。 研究员 姓名:申伟光 上周焦炭 2509 合约周五收于 1585,周跌幅 10.1%,现货市场主流地区报价提 涨 50-55 元/吨落地。 从 业 资 格 号 : 【基本面分析】 F03088716 投 资 咨 询 号 : 焦煤: 供应端:上周全国 523 家炼焦煤矿山核定产能利用率 86.3%,环比下降 0.6%。 全国 110 家洗煤厂开工率 61.51%,环比下降 0.8%;日均产量 52.14 万吨,环比减 少 0.01 万吨。因强降雨天气影响而多被迫停产、减产的煤矿上周逐渐恢复生产, 因主产区受暴雨影响程度不同而复产进度存在显著差异,同时近期严查超产及安环 检查影响煤矿恢复缓慢,煤矿洗煤厂开工率下滑。由于市场情绪较好,独立洗煤厂 市场开工率有所提升。库存方面,由于市场情绪好转之后,出货顺畅,虽然上周市 场情绪有所转弱,但影响较小,库存仍以向下游转移为主。洗煤厂原煤及精煤库存 延续去库。 需求端:上周,焦炭 ...
Cvr Partners (UAN) Q2 Profit Jumps 48%
The Motley Fool· 2025-08-01 20:26
Core Insights - Cvr Partners reported significant increases in profitability and revenue for Q2 2025, with net sales reaching $168.6 million, a 26.9% increase from Q2 2024, and earnings per common unit rising to $3.67 [1][2] - The company declared a distribution of $3.89 per unit, more than doubling last year's payout [1][11] Financial Performance - Net sales (GAAP) for Q2 2025 were $168.6 million, up from $132.9 million in Q2 2024, reflecting a 26.8% year-over-year increase [2] - Earnings per common unit (GAAP) increased by 48.0% to $3.67 from $2.48 in Q2 2024 [2] - Available cash for distribution rose 104.5% to $41.1 million compared to $20.1 million in Q2 2024 [2][8] Production and Utilization - Ammonia utilization rates fell to 91% from 102% in Q2 2024, with production volumes declining due to scheduled downtime and upgrades [1][6] - Despite lower production volumes, total sales volumes for ammonia increased by 32.6% compared to Q2 2024, driven by inventory management and market demand [5] Cost and Pricing Dynamics - Direct operating expenses rose 29% to $60.5 million, with natural gas costs increasing by 70.5% compared to Q2 2024 [7] - Ammonia prices increased by 14% year-over-year, while UAN prices rose by 18%, supported by tight supply-demand balances in U.S. agriculture [5] Operational Strategy - The company operates two major production facilities, utilizing petroleum coke and natural gas for fertilizer production, which provides feedstock flexibility [3] - Management emphasized ongoing investments in flexible feedstock capabilities and long-term cost management [7] Future Outlook - Management provided guidance for ammonia plant utilization rates between 93% and 98% for Q3 2025, with direct operating expenses projected at $60–65 million [9] - Full-year 2025 capital expenditures are expected to be between $50–60 million, reflecting a commitment to environmental compliance and competitive pricing [10]
白酒三巨头,江苏一哥消失了
盐财经· 2025-08-01 10:11
Core Viewpoint - Jiangsu Yanghe, once a leading player in the Chinese liquor industry, is facing significant challenges following a leadership change and declining financial performance, prompting a strategic pivot towards lower-priced products to regain market share [2][4][22]. Group 1: Leadership Change - Yanghe's former chairman, Zhang Liandong, resigned unexpectedly in July 2024, just a week after promoting a new product that received mixed reviews [2][4]. - Gu Yu, a 47-year-old local official with no prior experience in liquor sales, was appointed as the new chairman, marking a significant shift in leadership [4][5]. Group 2: Financial Performance - In 2024, Yanghe's revenue fell by 12.83% to 28.876 billion yuan, and net profit dropped by 33.37% to 6.673 billion yuan, resulting in a decline in industry ranking from third to fifth [4][9][11]. - The first quarter of 2025 saw further declines, with net profit plummeting by 40% [4][15]. Group 3: Market Challenges - Yanghe is grappling with high inventory levels, unclear brand positioning, and a loss of trust among distributors, with inventory turnover days soaring to 898 days in 2024 [7][17]. - The company's core products, particularly the high-end "Dream Blue," are struggling to sell, and competition from brands like Jinshiyuan and Shanxi Fenjiu is intensifying [4][33]. Group 4: Strategic Shift - Yanghe has launched a new low-cost product, a 59 yuan light bottle liquor, in collaboration with JD.com, which quickly sold out, indicating a potential shift towards the mass market [22][24]. - The company aims to leverage its existing inventory of 700,000 tons of aged base liquor to support this new product line and reduce inventory pressure [7][24]. Group 5: Industry Context - The liquor industry is undergoing a significant transformation, with high-end liquor demand weakening and a shift towards value-driven products as consumers become more price-sensitive [25][26]. - Yanghe's challenges reflect broader industry trends, including increased competition and changing consumer preferences, necessitating a reevaluation of its market strategy [26][37].
瑞达期货焦煤焦炭产业日报-20250731
Rui Da Qi Huo· 2025-07-31 09:53
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On July 31, the coking coal 2509 contract closed at 1045.5, down 7.97% and hitting the daily limit. After several macro - events settled, market sentiment weakened. Fundamentally, mine - end inventory generally decreased, clean coal inventory shifted from upstream mines and coal - washing plants to downstream coal - using enterprises, import cumulative growth rate declined for 3 consecutive months, and total inventory increased for 4 consecutive weeks with a moderately high inventory level. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On July 31, the coke 2509 contract closed at 1601.0, down 4.93%. The spot market started the fifth round of price increase. After the Politburo meeting on July 30, there was no obvious incremental policy expectation, and with the impact of position limits, the market became cautious about high prices. Fundamentally, raw - material inventory rebounded, this period's hot - metal output was 242.23 tons, a decrease of 0.21 tons, with high hot - metal production and no pressure on coal - mine inventory, and the total coking coal inventory increased for 4 consecutive weeks. In terms of profit, the average loss per ton of coke for 30 independent coking plants nationwide was 54 yuan/ton this period. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1045.50 yuan/ton, down 71.50 yuan; J main contract closing price was 1601.00 yuan/ton, down 75.50 yuan [2]. - JM futures contract holding volume was 783278.00 lots, down 10291.00 lots; J futures contract holding volume was 50815.00 lots, down 241.00 lots [2]. - Net position of the top 20 coking coal contracts was - 108407.00 lots, down 14621.00 lots; net position of the top 20 coke contracts was - 6493.00 lots, up 874.00 lots [2]. - JM 1 - 9 month contract spread was 89.50 yuan/ton, down 26.00 yuan; J 1 - 9 month contract spread was 53.50 yuan/ton, down 10.00 yuan [2]. - Coking coal warehouse receipts were 0.00; coke warehouse receipts were 760.00 [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal was 1000.00 yuan/ton, down 13.00 yuan; Tangshan quasi - first - grade metallurgical coke was 1610.00 yuan/ton, unchanged [2]. - Russian main coking coal forward spot (CFR) was 143.50 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke was 1420.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported main coking coal was 1550.00 yuan/ton, up 130.00 yuan; Tianjin Port first - grade metallurgical coke was 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced main coking coal was 1680.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke was 1420.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur main coking coal was 1400.00 yuan/ton, unchanged; J main contract basis was 9.00 yuan/ton, up 75.50 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1080.00 yuan/ton, unchanged; JM main contract basis was 354.50 yuan/ton, up 71.50 yuan [2]. 3.3 Upstream Situation - Raw coal inventory of 110 coal - washing plants was 277.10 million tons, down 15.43 million tons; clean coal inventory of 110 coal - washing plants was 166.39 million tons, down 9.23 million tons [2]. - Operating rate of 110 coal - washing plants was 61.51%, down 0.80%; raw coal output was 42107.40 million tons, up 1779.00 million tons [2]. - Coal and lignite import volume was 3304.00 million tons, down 300.00 million tons; daily average output of raw coal from 523 coking coal mines was 193.60 million tons, down 1.20 million tons [2]. - Imported coking coal inventory at 16 ports was 512.04 million tons, down 41.46 million tons; coke inventory at 18 ports was 250.33 million tons, down 2.38 million tons [2]. 3.4 Industry Situation - Total coking coal inventory of independent coking enterprises (full sample) was 985.38 million tons, up 56.27 million tons; total coke inventory of independent coking enterprises (full sample) was 80.12 million tons, down 7.43 million tons [2]. - Coking coal inventory of 247 steel mills nationwide was 799.51 million tons, up 8.41 million tons; coke inventory of 247 sample steel mills nationwide was 639.98 million tons, up 0.99 million tons [2]. - Available days of coking coal for independent coking enterprises (full sample) was 12.75 days, up 0.12 days; available days of coke for 247 sample steel mills was 11.45 days, down 0.01 days [2]. - Coking coal import volume was 910.84 million tons, up 172.10 million tons; coke and semi - coke export volume was 51.00 million tons, down 17.00 million tons [2]. - Coking coal output was 4070.27 million tons, up 144.11 million tons; capacity utilization rate of independent coking enterprises was 73.45%, up 0.44% [2]. - Ton - coke profit of independent coking plants was - 54.00 yuan/ton, down 11.00 yuan; coke output was 4170.30 million tons, down 67.30 million tons [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills was 83.48%, unchanged; blast furnace iron - making capacity utilization rate of 247 steel mills was 90.78%, down 0.14% [2]. - Crude steel output was 8318.40 million tons, down 336.10 million tons [2]. 3.6 Industry News - The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee in October to study suggestions on formulating the 15th Five - Year Plan for National Economic and Social Development [2]. - The US will impose a 15% tariff on South Korea, a 40% additional tariff on Brazil (total tariff reaching 50%), and a 25% tariff on goods from India [2]. - The International Energy Agency predicts that global electricity demand will grow strongly, with an expected growth of 3.3% in 2025 and 3.7% in 2026 [2]. - The Bank of Canada maintained the key policy rate at 2.75% for the third consecutive time and said the risk of a serious escalation of the global trade war has weakened [2].
甲醇聚烯烃早报-20250730
Yong An Qi Huo· 2025-07-30 01:26
甲醇聚烯烃早报 研究中心能化团队 2025/07/30 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/07/2 3 801 2417 2405 2505 2530 2485 2638 273 330 66 -12 -1237 2025/07/2 4 801 2468 2448 2505 2530 2485 2638 280 333 47 -20 -1237 2025/07/2 5 801 2488 2480 2540 2530 2485 2650 280 333 86 -25 -1237 2025/07/2 8 801 2397 2400 2540 2530 2490 2640 276 333 31 -17 -1237 2025/07/2 9 801 2395 2408 2520 2520 2490 2625 276 333 31 -18 -1237 日度变化 0 -2 8 -20 -10 0 -15 0 0 0 -1 0 观点 高进口开始兑现,累库开始发生,盘面低估值,等待淡季 ...
供需双增,自身供需矛盾不足,跟随原油
Guo Mao Qi Huo· 2025-07-28 06:12
Report Industry Investment Rating - The investment view of the asphalt industry is "oscillation", with a short - term trading strategy of "oscillation" for the single - side and an arbitrage strategy of paying attention to the 9 - 12 reverse spread [3]. Core View of the Report - The supply and demand of asphalt both increase, and there is no significant contradiction in its own supply - demand relationship, so it follows the trend of crude oil. The short - term supply - demand contradiction is not prominent, and it will move in line with crude oil [3]. Summary by Relevant Catalogs 1. Main Views and Strategy Overview - **Supply**: The asphalt production plan of local refineries in August 2025 is tentatively set at around 1.26 million tons, a year - on - year increase of 250,000 tons (27%) and a month - on - month increase of 60,000 tons (5%). The total asphalt production of local refineries from January to August 2025 is expected to be about 8.89 million tons, a year - on - year increase of 1.11 million tons (14%). The supply of imported asphalt is expected to shrink, supporting the import price. [3] - **Demand**: The release of demand falls short of expectations. Overall capital issues, the northern flood season, and the southern rainy season suppress demand. The downstream construction in the north is gradually recovering, while there is no obvious improvement in the south. The total shipment volume of 54 domestic asphalt enterprises this week is 415,000 tons, a slight month - on - month increase of 0.2%. [3] - **Inventory**: The factory inventory decreased significantly this week, from 773,000 tons last Thursday to 723,000 tons this Thursday. The social inventory increased slightly, from 1.827 million tons last Thursday to 1.857 million tons this Thursday. [3] - **Cost**: The current crude oil market is in an adjustment period after intense geopolitical fluctuations. In the short term, the market is likely to move sideways with support below and limited upside. In the medium term, it is unfavorable for the bulls. [3] 2. Price - The report presents the mainstream market prices of heavy - traffic asphalt in regions such as East China, South China, North China, and Shandong, as well as the import prices from South Korea and Singapore [5][12]. 3. Spread, Basis, and Delivery Profit - The report shows the trends of asphalt cracking spread, asphalt - coker feedstock spread, and the basis in major regions [17][21]. 4. Supply - **Scheduled Production Expectation**: It shows the monthly scheduled production and actual production of asphalt in China from 2025 - 01 to 2025 - 08, as well as the production in different regions in recent years [25]. - **Capacity Utilization**: It presents the capacity utilization rates of heavy - traffic asphalt in China and different regions from 2019 to 2025, and the weekly and monthly maintenance loss volumes of asphalt in China from 2018 to 2025 [34][40]. 5. Cost and Profit - It shows the production gross profit of asphalt in Shandong from 2021 to 2025, and the price, premium, and port inventory of diluted asphalt [43][46]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate of asphalt in China and different regions from 2019 to 2025 [51][54]. - **Social Inventory**: It shows the social inventory of asphalt in China and different regions from 2022 to 2025 [57]. 7. Demand - **Shipment Volume**: It shows the shipment volumes of asphalt in China and different regions from 2022 to 2025 [60]. - **Downstream Operating Rate**: It shows the operating rates of road - modified asphalt, modified asphalt, building asphalt, waterproofing membranes, and modified asphalt in different regions in recent years [62][66][69].
工业硅多晶硅周报-20250727
Zhong Tai Qi Huo· 2025-07-27 13:26
1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Industrial Silicon**: Due to the unexpected resumption of polysilicon production, the supply - demand of industrial silicon has marginally improved, but the industrial hedging pressure is strong after the market rebound. It is expected to maintain a volatile and slightly stronger trend, and attention should be paid to the supply - side policies [54]. - **Polysilicon**: The policy expectation is gradually taking shape, which is contrary to the fundamental oversupply contradiction. The market is in a situation of strong expectation and weak reality, with large fluctuations, and cautious operation is required [55]. 3. Summary by Relevant Catalogs 3.1 Industrial Silicon, Polysilicon Overview and Strategy Recommendation - **Industrial Silicon Weekly Review (7.21 - 7.25)**: The prices of 553, 99 and 421 industrial silicon showed different trends. The prices of raw materials such as silicon coal and petroleum coke were relatively stable. The production in various regions increased to varying degrees, and the inventory and demand also changed [8][10]. - **Polysilicon Weekly Review (7.21 - 7.25)**: The price of N - type polysilicon material increased slightly, the production increased, and the inventory decreased slightly. The downstream demand was still under pressure [10]. 3.2 Industrial Silicon Supply - **Price/Spread/Cost/Profit**: The prices of different grades of industrial silicon fluctuated, and the cost and profit of different regions also varied. For example, the cost of Yunnan, Sichuan and Xinjiang was different, and the profit was mostly negative [8][10]. - **Industrial Silicon Supply**: The production in various regions such as Xinjiang, Yunnan, Sichuan and Inner Mongolia showed different trends of increase or decrease. The production capacity utilization rate also changed accordingly [8][10]. - **Industrial Silicon Inventory/Supply - Demand Difference**: The total inventory decreased slightly, the social inventory decreased, and the factory inventory increased. The supply - demand difference also changed with the change of supply and demand [10]. 3.3 Industrial Silicon Demand - **Polysilicon Demand**: The demand for polysilicon was affected by factors such as the production of silicon wafers and the price of polysilicon. The production of polysilicon increased, and the demand was expected to increase [10][20]. - **Organic Silicon Demand**: The price of organic silicon DMC increased, the production was affected by the shutdown of a factory, and the demand was relatively stable [10]. - **Other Demands**: The demand for aluminum alloy increased slightly, and the export increased significantly, but the overseas orders were not many [10]. 3.4 Balance Sheets - **Industrial Silicon Supply Balance Sheet**: Under the neutral assumption, the production of industrial silicon in different months and regions was estimated, and the production capacity utilization rate and other data were provided [12]. - **Industrial Silicon Demand Balance Sheet**: The demand for industrial silicon in different months and fields was estimated, including organic silicon, polysilicon, aluminum alloy and export, and the supply - demand difference and inventory were calculated [20]. - **Polysilicon Supply Balance Sheet**: The supply of polysilicon in different months was estimated, including production, import and export, and the production capacity utilization rate was also provided [27]. - **Polysilicon Demand Balance Sheet**: The demand for polysilicon was estimated from aspects such as silicon wafer production and consumption coefficient, and the supply - demand difference and inventory were calculated [35]. 3.5 Cost Curve - The cost curves of polysilicon under different scenarios (considering and not considering waste heat power generation) were provided, showing the cost echelons of different enterprises [51][52]. 3.6 Trading Logic - **Industrial Silicon**: The main trading logic is affected by factors such as polysilicon production resumption, industrial hedging pressure and supply - side policies [54]. - **Polysilicon**: The main trading logic is affected by policy expectations, the contradiction between supply and demand, and the actual implementation of measures [55].
甲醇聚烯烃早报-20250725
Yong An Qi Huo· 2025-07-25 09:19
Report Overview - Report Title: Methanol Polyolefin Morning Report - Release Date: July 25, 2025 - Research Team: Energy and Chemicals Team of the Research Center 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Methanol: High imports are materializing, inventory accumulation is starting, and the futures price is undervalued. It's in a period of bearish factors realization. With macro - instability and weak methanol prices in Europe and the US, the unilateral direction is hard to determine, but a long - position strategy at low prices is preferred [3]. - Plastic: For polyethylene, overall inventory is neutral. The 09 basis is around 0 in North China and +120 in East China. Import profit is around - 400 with no further increase for now. Attention should be paid to LL - HD conversion and new device commissioning [8]. - PP: Polypropylene inventory in upstream and mid - stream is decreasing. The basis is +100, and non - standard price difference is neutral. Import profit is around - 500, and export is good. In the context of over - capacity, the 09 contract may face moderate to excessive supply pressure, which can be alleviated by strong exports or more PDH device maintenance [8]. - PVC: The basis is maintained at 09 - 150, and the factory - pickup basis is - 450. Downstream开工 is seasonally weakening. Attention should be paid to commissioning, export sustainability, coal prices, etc. [11]. 3. Summary by Related Catalogs Methanol - **Price Data**: From July 18 to July 24, the price of动力煤期货 remained at 801. The price of江苏现货 increased by 51 to 2468, and the price of华南现货 increased by 43 to 2448. The主力基差 decreased by 8 to - 20, and the盘面MTO profit remained unchanged at - 1237 [2]. Plastic Polyethylene - **Price Data**: From July 18 to July 24, the price of东北亚乙烯 remained at 820. The price of华北LL increased by 50 to 7230, and the price of华东LL decreased by 10 to 7315. The主力期货 price increased by 97 to 7385 [8]. Polypropylene - **Price Data**: From July 18 to July 24, the price of山东丙烯 decreased by 50 to 6250. The price of华东PP increased by 10 to 7100, and the主力期货 price increased by 85 to 7181 [8]. PVC - **Price Data**: From July 18 to July 24, the price of西北电石 remained at 2250, and the price of山东烧碱 remained at 842. The price of电石法 - 华东 decreased by 10 to 5060, and the基差 (高端交割品) increased by 10 to - 80 [10][11].