Group 1 - The core conflict in the global macroeconomic and geopolitical landscape of the new energy industry has shifted from "technical route disputes" to a "strategic control game" over underlying resources as of 2026 [1] - Key minerals are no longer just standardized industrial commodities but have been endowed with strong geopolitical attributes and national security significance by sovereign nations [2] - Zimbabwe, as the world's fourth-largest lithium producer, has unexpectedly announced a comprehensive export ban on lithium concentrate, moving the timeline for this ban forward by a year from the previously planned 2027 [5] Group 2 - The Zimbabwean government has been promoting a local value-added strategy for mineral resources, aiming to ensure that multinational mining companies invest capital, technology, and production capacity locally [6] - The recent export ban on lithium concentrate is a drastic measure that disrupts the expectations of downstream smelting companies and battery manufacturers regarding stable supplies of primary raw materials [6][10] - By 2026, global lithium demand is expected to reach 1.8 million tons of LCE (lithium carbonate equivalent), with a year-on-year growth rate of approximately 27% [6] Group 3 - Zimbabwe's lithium production is in a rapid release phase, with total production expected to reach 235,000 tons by 2026, accounting for about 12% of global supply [6] - In 2025, 19% of China's imported lithium concentrate is expected to come from Zimbabwe, with an absolute import volume of approximately 1.2 million tons (equivalent to about 150,000 tons of LCE) [8] - The export ban has created a significant dependency of domestic lithium salt smelting capacity on Zimbabwean ore [7] Group 4 - The ban has established a stringent exemption threshold, allowing only companies with local lithium salt or lithium sulfate production capacity to apply for export licenses [12] - Companies like Zhongjin Resources and Huayou Cobalt, which have shown intentions to move towards lithium sulfate deep processing, may be less affected by the ban [12] - Companies that have aggressively expanded overseas but rely heavily on exporting raw ore may face significant operational mismatches [13] Group 5 - The ban has also impacted companies like Shengxin Lithium Energy, which recently signed a significant supply agreement but faces delivery pressures due to the ban [15] - The real winners in this geopolitical turmoil may be companies that do not rely on African mineral sources and possess low-cost domestic resources, such as Qinghai Salt Lake [16] - The previous strategy of "owning mines is king" may lead to significant losses for companies that do not adapt to the new geopolitical landscape [19] Group 6 - Despite the recent surge in lithium prices, the overall elasticity of lithium stocks remains lower compared to rare metals and precious metals [20] - The supply elasticity of lithium is higher, with global lithium resource production expected to grow by 32.3% by 2026, indicating that production can quickly ramp up in response to price increases [24] - The complete cessation of concentrate exports may severely impact Zimbabwe's foreign exchange income and its fragile local industry, suggesting that the ban could be a political bargaining chip rather than a long-term supply disruption [27]

2月27日晚间，受地缘政治紧张局势影响，黄金、白银价格直线拉升。伦敦现货白银站上92美元/盎司，日内大涨5%；伦敦现货黄金一度涨超1%。 截至发稿，伦敦金现报5230.06美元/盎司，日内涨0.88%；伦敦银现报92.903美元/盎司，日内涨5.36%。 英国从伊朗暂时撤出使馆人员 英国政府27日说，出于安全形势考虑，英国从伊朗暂时撤出使馆工作人员。 多国撤人、航母抵以美伊战争风险急剧升高 综合新华社驻外记者报道：美国国务院27日批准其驻以色列使团非紧急必要人员及其家属撤离以色列。美国驻以大使赫卡比就此表示，如要离开以色列， 务必"今天离开"。加拿大等国近日纷纷建议本国公民立即离开伊朗。随着美军最大航母"福特"号27日抵达以色列，观察人士认为，美伊战争风险急剧升 高。 美国驻以色列大使馆27日在其官网发布消息说，美国国务院批准从以色列撤离非紧急必要人员是"出于安全风险考虑"。使馆建议相关人员"在仍有商业航 班可搭乘时考虑离开以色列"。消息说，为应对安全事件，且在未提前通知的情况下，美国大使馆可能会进一步限制或禁止美国政府雇员及其家属前往以 色列部分地区、耶路撒冷老城及约旦河西岸地区。 美国驻以大使赫卡比向使领 ...

Group 1: Report Industry Investment Rating - Gold is rated with one red star, indicating a bullish bias but limited operability on the market [1][4] - Silver is rated with three red stars, suggesting a clearer bullish trend and relatively appropriate investment opportunities [1][4] Group 2: Core View of the Report - Overnight precious metals continued to fluctuate with significant intraday volatility. The Geneva negotiation between the US and Iran ended, with the Iranian foreign minister stating that the negotiation made good progress, there are still differences but consensus is approaching in some areas, and technical consultations will be held next week. Short - term geopolitical and tariff prospects remain uncertain, and precious metals are waiting for a clearer direction from risk events [1] Group 3: Summary of Related Information - The Chinese Ministry of Commerce responded to the upcoming sixth round of China - US economic and trade consultations, stating that China is willing to work with the US to properly manage differences and expand practical cooperation through equal consultations [2] - US Vice - President Vance is unclear about Trump's decision on Iran. Possibilities include military strikes or diplomatic solutions. Trump is more inclined to the diplomatic option, which depends on Iran's words and deeds [2] - Fed's Goolsbee believes that interest rates can be cut but doesn't want to act prematurely before inflation eases. He is one of the most optimistic about rate cuts among Fed officials [2] - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March is 4%, and the probability of keeping rates unchanged is 96.0%. The probability of a cumulative 25 - basis - point rate cut by April is 17.3%, the probability of keeping rates unchanged is 82.1%, and the probability of a cumulative 50 - basis - point rate cut is 0.6%. The probability of a cumulative 25 - basis - point rate cut by June is 43% [2]

Core Viewpoint - The call for a 400% tariff on China by Kevin O'Leary reflects a failing logic, as the reality of energy consumption and trade dynamics suggests a shift in power towards China in the AI era [1][3]. Energy Consumption and AI Competition - China's electricity consumption is 2.5 times that of the U.S., with a projected total of 10,368.2 billion kWh by 2025, while the U.S. is expected to consume 4,199 billion kWh [4][7]. - The global offshore wind power capacity is dominated by China, which holds 49.6% of the total as of 2024, indicating a significant lead in renewable energy infrastructure [7]. - The U.S. is facing a projected power shortfall of 47 GW for data centers between 2025 and 2028, highlighting the inadequacy of its electrical grid [7][9]. Trade Dynamics and International Relations - The trade volume between China and Europe has reached $828.1 billion, with Germany's Chancellor leading a delegation of over 30 business leaders to strengthen ties with China [4][11]. - The trend of "voting with feet" is evident as countries like Canada and the UK are moving towards closer economic ties with China, including visa exemptions for business travelers [15]. - Australia has seen an 85.6% increase in trade with China since the 2015 baseline, indicating a warming relationship driven by economic interests rather than sentiment [17]. U.S. Political Stance and Economic Realities - Trump's silence on China during his State of the Union address is unprecedented and suggests a shift in the political narrative regarding trade and tariffs [21]. - Economic realities indicate that tariffs primarily burden American consumers, as the costs are passed down from importers to buyers [21][22]. - The resilience of China's supply chain and its advancements in renewable energy are reshaping the negotiation landscape, making aggressive tariff policies less effective [22].

Report Summary Industry Investment Rating - Not provided in the report Core Viewpoints - The PTA market was initially pushed up by the reduction of long - term supply by major suppliers, but due to sufficient spot supply and high - processing - fee hedging orders, the price冲高回落 and the average price decreased. The MEG market saw its futures price decline, and the spot price in Zhangjiagang followed suit, with the basis negotiation slightly weakening. Geopolitical factors in the Middle East may bring short - term energy price volatility risks, and the impact of the US tariff increase on the global financial and trade environment may also cause fluctuations. The supply of the PX market is expected to tighten from March to May, while the domestic PTA maintains high - level operation, and the domestic demand has declined [3]. Summary by Directory 1. Price and Index Changes - **INE Crude Oil**: The price dropped from 488.3 yuan/barrel on February 25, 2026, to 483.6 yuan/barrel on February 26, 2026, a decrease of 4.70 yuan [3]. - **PTA - SC**: The value decreased from 1763.5 yuan/ton to 1745.6 yuan/ton, a decrease of 17.84 yuan [3]. - **PTA/SC (Ratio)**: It decreased from 1.4970 to 1.4967, a decrease of 0.0002 [3]. - **CFR China PX**: The price increased from 929 to 931, an increase of 2 [3]. - **PX - Naphtha Spread**: It decreased from 316 to 315, a decrease of 1 [3]. - **PTA Main Contract Futures Price**: It dropped from 5312 yuan/ton to 5260 yuan/ton, a decrease of 52.0 yuan [3]. - **PTA Spot Price**: It decreased from 5285 yuan/ton to 5235 yuan/ton, a decrease of 50.0 yuan [3]. - **Spot Processing Fee**: It decreased from 398.2 yuan/ton to 344.2 yuan/ton, a decrease of 53.9 yuan [3]. - **Disk Processing Fee**: It decreased from 450.2 yuan/ton to 394.2 yuan/ton, a decrease of 55.9 yuan [3]. - **MEG Main Contract Futures Price**: It dropped from 3747 yuan/ton to 3700 yuan/ton, a decrease of 47.0 yuan [3]. - **MEG - Naphtha**: It decreased from (198.94) yuan/ton to (199.96) yuan/ton, a decrease of 1.0 yuan [3]. - **MEG Domestic Market**: It decreased from 3670 to 3641, a decrease of 29.0 [3]. 2. Industry Chain and Operation Conditions - **PX Operating Rate**: It remained at 87.18% [3]. - **PTA Operating Rate**: It remained at 76.40% [3]. - **MEG Operating Rate**: It remained at 62.37% [3]. - **Polyester Load**: It remained at 76.46% [3]. 3. Product Sales and Cash Flow - **POY150D/48F**: The price remained at 7080, and the cash flow increased from 82 to 134, an increase of 52.0 [3]. - **FDY150D/96F**: The price increased from 7295 to 7310, an increase of 15.0, and the cash flow increased from (203) to (136), an increase of 67.0 [3]. - **DTY150D/48F**: The price remained at 8195, and the cash flow increased from (3) to 49, an increase of 52.0 [3]. - **Long - Filament Sales Volume**: It increased from 17% to 18%, an increase of 1% [3]. - **1.4D Direct - Spun Polyester Staple Fiber**: The price decreased from 6710 to 6685, a decrease of 25, and the cash flow increased from 62 to 89, an increase of 27.0 [3]. - **Staple Fiber Sales Volume**: It decreased from 57% to 50%, a decrease of 7% [3]. - **Semi - Bright Chip**: The price decreased from 6010 to 5980, a decrease of 30.0, and the cash flow increased from (88) to (66), an increase of 22.0 [3]. - **Chip Sales Volume**: It increased from 15% to 25%, an increase of 10% [3]. 4. Device Maintenance - An East China 2.5 - million - ton PTA device is expected to stop operation on February 10, and the specific restart time is undetermined [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Asian aromatics show a structural trend due to geopolitical influence. The speculative sentiment in the Asian PX market has rebounded. Some polyester factories are facing cash - flow issues, and spot goods are difficult to deliver in a timely manner. The domestic PX market has sufficient supply, but from March to May, there will be a major turnaround season for refineries, and some large - scale PX capacities are expected to shut down for maintenance, tightening the supply. The spread between PX and naphtha has rebounded to $310. Domestic PTA maintains high - level operation, and domestic demand has declined. The Spring Festival production cuts of polyester factories have a limited negative feedback on PTA. Tensions in the Middle East geopolitical situation may cause short - term energy price fluctuations. Bottle - chip profits are expanding, and short - fiber profits are expected to expand [2] 3. Summary by Indicators Price Indicators - PTA spot price decreased from 5285 to 5235, a decrease of 50; MEG inner - market price decreased from 3670 to 3641, a decrease of 29; PTA closing price decreased from 5312 to 5260, a decrease of 52; MEG closing price decreased from 3747 to 3700, a decrease of 47; 1.4D direct - spun polyester staple fiber price decreased from 6710 to 6685, a decrease of 25; short - fiber basis increased from 24 to 76, an increase of 52; 3 - 4 spread increased from - 98 to - 86, an increase of 12; polyester staple fiber cash - flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained at 5300; the spread between 1.4D direct - spun and imitation large - chemical fiber decreased from 1410 to 1385, a decrease of 25; East China water bottle - chip price decreased from 6307 to 6280, a decrease of 27; hot - filling polyester bottle - chip price decreased from 6307 to 6280, a decrease of 27; carbonated - grade polyester bottle - chip price decreased from 6407 to 6380, a decrease of 27; outer - market water bottle - chip price remained at 850; bottle - chip spot processing fee increased from 559 to 584, an increase of 25; T32S pure polyester yarn price remained at 10800; T32S pure polyester yarn processing fee increased from 4090 to 4115, an increase of 25; polyester - cotton yarn 65/35 45S price remained at 16900; cotton 328 price decreased from 16505 to 16490, a decrease of 15; polyester - cotton yarn profit increased from 1212 to 1235, an increase of 22; primary three - dimensional hollow (with silicon) price remained at 7295; hollow staple fiber 6 - 15D cash - flow increased from 347 to 399, an increase of 52; primary low - melting - point staple fiber price remained at 7895 [2] Market Conditions - Short - fiber: The main short - fiber futures dropped 114 to 6658. In the spot market, polyester staple fiber production factories mainly negotiated prices, and trader prices declined. Downstream industries are gradually resuming work, and on - site transactions have improved slightly. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6530 - 6800 yuan for cash - on - delivery, tax - included self - pick - up; in the North China market, it is 6650 - 6920 yuan for cash - on - delivery, tax - included delivery; in the Fujian market, it is 6600 - 6850 yuan for cash - on - delivery, tax - included delivery. - Bottle - chip: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is 6250 - 6380 yuan/ton, with the average price down 50 yuan/ton from the previous working day. PTA and bottle - chip futures prices are weakly oscillating. Most supply - side offers have been lowered, and the spot supply in the market has slightly eased. Downstream terminal demand has not fully started, and the market negotiation focus continues to move down [2] Load and Production and Sales Indicators - Direct - spun short - fiber load (weekly) decreased from 89.90% to 84.13%, a decrease of 5.77%; polyester staple fiber production and sales decreased from 56.00% to 51.00%, a decrease of 5.00%; polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32%; recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a decrease of 0.63% [2][3]

市场分析 上期所燃料油期货主力合约日盘收涨1.81%，报2987元/吨；INE低硫燃料油期货主力合约日盘收跌0.12%，报3156 元/吨。 短期市场主要矛盾在地缘层面，伊朗局势走向将直接影响原油地缘溢价，从而对包括燃料油在内的能化商品造成 扰动，需要密切关注。 燃料油日报 | 2026-02-27 高硫油市场结构保持坚挺，等待地缘形势明朗 就燃料油自身基本面而言，高硫燃料油市场结构虽然在春节假期期间出现一定调整，但支撑因素仍存。其中，下 游炼厂端需求表现良好，近期我国采购量明显增加，用于填补委内瑞拉重油的缺口。此外，近期运费攀升增加了 燃料油的跨区套利成本，对东西价差以及内外盘价差均存在提振。 低硫燃料油方面，目前市场矛盾相对有限。随着Dangote炼厂RFCC装置重启，科威特供应从高点回落，叠加船燃 加注需求从中东部分转移到亚太地区，近期低硫油基本面边际改善，春节假期期间外盘裂解价差、月差有所回升。 但在估值修复后，低硫燃料油对汽油的价差已大幅回落，这将抑制RFCC装置利润与开工率，从而降低对低硫油组 分的分流效应，抑制低硫燃料油裂解价差的上行空间。 策略 高硫方面：短期震荡偏强，关注伊朗局势走向 低硫方 ...

Core Viewpoint - The international gold price is experiencing slight fluctuations, currently around $5183.29 per ounce, with a marginal decline of 0.01%. Geopolitical tensions, particularly between the U.S. and Iran, are influencing market dynamics, leading to expectations of continued high volatility around the $5000 per ounce mark [1][2]. Geopolitical Developments - Oman reported progress in negotiations between the U.S. and Iran regarding Tehran's nuclear program, although the talks did not yield a breakthrough, maintaining regional tensions. The potential for U.S. military action remains a concern amidst the ongoing discussions [2][3]. - The U.S. and Iran plan to resume negotiations after consultations in their respective capitals, with technical discussions scheduled for next week in Vienna. A substantive agreement could reduce the likelihood of military action by the U.S. against Iran [2]. Technical Analysis - The daily structure of international gold prices indicates a strong consolidation above $5100, with the moving average system still in a bullish arrangement, although the upward momentum is slowing. Key support levels are identified at $5150 and $5100, while resistance is noted at $5220 [4]. - The four-hour chart shows gold prices operating within an ascending channel, with short-term support at $5170 and resistance between $5215 and $5220. A breakout triggered by PPI data could lead to significant price movements [4].

Core Viewpoint - The gold market is experiencing fluctuations with a slight downward trend in futures, while geopolitical tensions remain a significant focus for investors [1] Group 1: Market Performance - London spot gold shows a strong oscillation, while COMEX gold futures fell by 0.47% and SHFE gold dropped by 0.25% [1] - Silver experienced greater volatility, with New York silver dropping by 4% during trading before rebounding [1] Group 2: Geopolitical Context - The third round of negotiations between the US and Iran concluded with differing statements from both sides, contributing to market uncertainty [1] - During the negotiation period, market participants were betting on a de-escalation of geopolitical tensions, leading to a temporary decline in prices [1] - Technical discussions between both parties' teams are scheduled for next Monday, indicating ongoing diplomatic efforts [1]

1. Report Industry Investment Ratings - **Bullish**: PTA, methanol, urea, LNG, asphalt [27][33][38][42][46] - **Bearish**: L, PVC, MEG, glass, soda ash [15][23][30][51][55] - **Neutral**: Crude oil, LPG, PP, natural gas [1][10][19][42] 2. Core Views of the Report - **Crude oil**: High - level volatility due to geopolitical factors in the Middle East and potential OPEC+ production increase [1] - **LPG**: High - level volatility following the cost - side oil price, with increasing supply and demand and rising inventory [1] - **L**: Weak performance due to sufficient upstream supply and late downstream resumption [1] - **PP**: Volatility, with cost support from propane and propylene and late downstream resumption [1] - **PVC**: Weak performance due to high inventory and weak supply - demand drivers [1] - **PTA**: Bullish outlook despite slight inventory accumulation, with expected improvement in downstream demand after the holiday [27] - **MEG**: Cautiously bearish in the short - term, but expected improvement in fundamentals in March - April [30] - **Methanol**: Cautiously bearish with a weak current situation but strong expectations [33] - **Urea**: Oscillating strongly with expectations of spring fertilizer use and export opportunities [38] - **LNG**: Price adjustment due to the decline in demand - side support and cost - side support [42] - **Asphalt**: Cautiously bullish, following the cost - side oil price with improving supply - demand after the Spring Festival [46] - **Glass**: Oscillating at a low level due to post - holiday inventory accumulation and weak supply - demand [51] - **Soda ash**: Oscillating at a low level with high inventory and weak demand support [55] 3. Summaries by Related Catalogs 3.1 Crude Oil - **Market Performance**: Overnight, WTI decreased by 0.32%, Brent slightly increased by 0.21%, and domestic SC decreased by 0.69% [6] - **Basic Logic**: Geopolitics dominates the short - term price. Supply is still in surplus, and the price is mainly driven by geopolitical factors. The IEA predicts a global oil supply increase of 2.4 million barrels per day in 2026, and demand growth of 0.85 million barrels per day [7][8] - **Strategy Recommendation**: In the medium - to - long - term, the supply - demand fundamentals will improve after the first quarter. In the short - term, it will oscillate and adjust, with SC focusing on the range of 480 - 495 yuan/barrel [9] 3.2 LPG - **Market Performance**: On February 25, the PG main contract closed at 4,524 yuan/ton, a 1.39% decrease [12] - **Basic Logic**: The price is mainly anchored to the cost - side oil price. The supply - demand is bearish with increasing inventory [13] - **Strategy Recommendation**: In the medium - to - long - term, the price has room for compression. In the short - term, it is affected by geopolitics, with PG focusing on the range of 4,500 - 4,600 yuan/ton [14] 3.3 L - **Market Performance**: L05 closed at 6,668 yuan/ton, a 1.6% decrease [16] - **Basic Logic**: Upstream supply is sufficient, and downstream resumption is late, resulting in weak fundamentals [18] - **Strategy Recommendation**: Focus on the range of 6,500 - 6,700 yuan/ton and the downstream resumption rhythm [18] 3.4 PP - **Market Performance**: PP05 closed at 6,675 yuan/ton, a 0.7% decrease [20] - **Basic Logic**: Cost - side propane and propylene are strong, and the downstream resumption is late, following the cost in the short - term [22] - **Strategy Recommendation**: Focus on the range of 6,500 - 6,700 yuan/ton and the price changes of propane and propylene [22] 3.5 PVC - **Market Performance**: V05 closed at 4,855 yuan/ton, a 2.2% decrease [24] - **Basic Logic**: High inventory suppresses the price, and the supply - demand drivers are weak [26] - **Strategy Recommendation**: Focus on the range of 4,800 - 5,000 yuan/ton [26] 3.6 PTA - **Market Performance**: TA05 closed at 5,204 yuan/ton, a 16 - yuan decrease [27] - **Basic Logic**: Valuation is high, with short - term seasonal inventory accumulation but expected improvement in downstream demand after the holiday [28] - **Strategy Recommendation**: Take profit on long positions at high prices and buy on significant pullbacks, with TA05 focusing on 5,180 - 5,310 yuan/ton [29] 3.7 MEG - **Market Performance**: EG05 closed at 3,678 yuan/ton, a 45 - yuan decrease [30] - **Basic Logic**: Valuation is low. Supply is increasing, and demand is seasonally weak, but expected to improve in March - April [31] - **Strategy Recommendation**: Be cautious about short - selling, and lightly establish long positions on dips, with EG05 focusing on 3,650 - 3,750 yuan/ton [32] 3.8 Methanol - **Market Performance**: Not specifically mentioned in a simple closing - price form - **Basic Logic**: Valuation is at a medium level. Domestic production is high, and overseas production is expected to increase. Demand is expected to improve, and inventory is expected to decrease in March [35] - **Strategy Recommendation**: Cautiously bearish, with MA05 focusing on the range of 2,180 - 2,245 yuan/ton [37] 3.9 Urea - **Market Performance**: UR05 closed at 1,833 yuan/ton, a 10 - yuan decrease [38] - **Basic Logic**: Valuation is not low. Supply is increasing, and demand has strong expectations of spring fertilizer use and exports [39] - **Strategy Recommendation**: Expected to oscillate strongly after the holiday, with UR05 focusing on the range of 1,810 - 1,840 yuan/ton [41] 3.10 LNG - **Market Performance**: On February 26, the NG main contract closed at 2.899 dollars/million British thermal units, a 1.13% decrease [43] - **Basic Logic**: Demand support is decreasing, and cost support exists. The price is oscillating and adjusting [44] - **Strategy Recommendation**: The price is generally weak but with cost support, with NG focusing on the range of 2.725 - 2.991 dollars/million British thermal units [45] 3.11 Asphalt - **Market Performance**: On February 26, the BU main contract closed at 3,355 yuan/ton, a 0.03% decrease [48] - **Basic Logic**: The price follows the cost - side oil price, and the supply - demand fundamentals are improving after the Spring Festival [49] - **Strategy Recommendation**: Valuation is high. Pay attention to raw material imports, and BU focuses on the range of 3,300 - 3,400 yuan/ton [50] 3.12 Glass - **Market Performance**: FG05 closed at 1,058 yuan/ton, a 0.6% decrease [52] - **Basic Logic**: Post - holiday inventory accumulation, and supply needs to be further reduced to digest high inventory [54] - **Strategy Recommendation**: Observe the supply reduction intensity, with FG focusing on the range of 1,030 - 1,080 yuan/ton [54] 3.13 Soda Ash - **Market Performance**: SA05 closed at 1,191 yuan/ton, unchanged [56] - **Basic Logic**: High post - holiday inventory and weak demand support, with expected slight production decline [58] - **Strategy Recommendation**: Focus on the range of 1,150 - 1,200 yuan/ton and the continuity of maintenance [58]