Report Summary 1. Investment Rating The provided text does not mention the industry investment rating. 2. Core Viewpoints - The industry's supply - demand pattern shows continuous capacity expansion and weak demand growth, which is consistent with previous research. There are significant differences in cost and formula among paper mills. The cash cost for enterprises to produce double - offset paper that meets the delivery standard is estimated to be in the range of 3800 - 4200 yuan/ton [3][40][42]. - After the futures are listed, double - offset paper prices face potential upward and downward risks. The downward risk comes from the negative feedback between price and cost, while the upward risk is due to the market's possible over - pessimism and high short - trading congestion [4][42][43]. 3. Summary by Directory 3.1 Supply - **Product Structure**: Enterprises focused on publishing have a higher proportion of natural - white paper. Orders from the publishing industry mainly require natural - white paper, while the proportion of natural - white paper in social orders is significantly lower. The difference in product structure between the north and south markets is due to order differences [8]. - **Formula**: Different enterprises have large differences in formula. With the continuous expansion of finished - paper production capacity and the slowdown of cultural - paper demand, enterprises are increasing the use of chemimechanical pulp and reducing the use of chemical pulp. Some producers in South China can make double - offset paper without adding softwood pulp [10][12]. - **Capacity and Production**: Some production lines may switch production. The overall operating level has not decreased significantly. Some enterprises achieved full production and sales in the first half of the year, while others had an operating level of about 80% - 90% [12]. - **Raw Material Procurement**: Most enterprises mainly purchase commercial pulp externally, covering mainstream softwood and hardwood brands. Some enterprises are self - sufficient in chemimechanical pulp, while others purchase it externally. It is difficult for some domestic hardwood pulp to completely replace imported hardwood pulp [15][18]. - **Product Conversion**: Converting between natural - white and high - white paper usually only requires adding bleach [20]. 3.2 Demand - **Sales Channels**: There is significant differentiation among sample enterprises. Publishing orders are mainly direct - sold, while social orders include both distribution and direct - to - printer sales [20]. - **Seasonal Demand**: The seasonal characteristics of demand are gradually being smoothed out. The consumption peak of pulp lags behind that of double - offset paper. There may be an opportunity for the strategy of going long on pulp and short on paper after downstream enterprises complete their bidding [22]. - **Policy Impact**: The "One Textbook, One Supplementary Material" policy has different impacts on publishers of different natures, mainly affecting social book - sellers. It may reduce the double - offset paper demand of private tutoring materials by about 20% - 30% [26]. - **Sales Radius**: Paper enterprises' sales can cover a radius of 500 - 800 km [26]. 3.3 Inventory - **Raw Material Inventory**: Self - produced pulp has little inventory, while the inventory days of externally purchased commercial pulp vary among enterprises, with small and medium - sized factories having shorter inventory days [27]. - **Finished - Product Inventory**: The inventory is slightly higher than last year but generally acceptable. Most enterprises' inventory levels are within one month, and they have clear inventory red lines [27]. - **Downstream Inventory**: Enterprises supplying paper to publishers usually reserve inventory in advance, with a cycle of half a year to one year. Traders may have a certain demand for stockpiling when the price reaches around 4000 yuan [29]. 3.4 Price and Cost - **Pricing Logic**: Paper mills price their products mainly based on orders and market conditions, i.e., demand - driven pricing. High inventory levels may lead to price cuts to reduce inventory [30]. - **Cost Factors**: Formula, wood - pulp self - sufficiency rate, and the presence of self - owned power plants have a significant impact on costs. A higher proportion of chemimechanical pulp and self - owned power plants can reduce costs [31]. - **Profitability**: Most producers still make a profit, while one enterprise is near the break - even point [37]. 3.5 Market Expectations - **Paper Price Outlook**: The industry's supply - demand contradiction is prominent, and most sample participants are not optimistic about paper prices. The downward space is estimated to be around 100 - 200 yuan/ton [38]. - **Futures Attitude**: The willingness of the industry to participate in futures depends on whether their products are delivery brands. Long - side acceptance willingness is relatively weak. Industry short - side forces need to see an absolute high price to enter the market, while long - side chips may come from private book - sellers and some traders with social - order resources [39].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Pure Benzene**: Supply increases slightly due to new oil - benzene device production, while hydro - benzene开工率 drops. Demand from phenol rises but is partly offset by the decline in adipic acid. Overall demand is flat. Inventory decreases at East China ports due to typhoon - affected arrivals. 8 - 9月 may see slight inventory reduction, but improvement is limited due to high hidden inventory and weak consumption [5]. - **Styrene**: Supply is sufficient with new device production and resumed operations. Demand is weak, with EPS开工率 dropping significantly and PS/ABS rising slightly. Port inventory doesn't increase but remains high. Mid - term supply pressure persists with new capacity planned. The strong pure benzene price provides some support, and the macro - environment helps sentiment, but fundamental positives are limited [6]. 3. Summary by Directory 3.1. Daily Market Summary - **Fundamentals** - **Price**: On August 12, styrene futures rose 0.99% to 7322 yuan/ton with a basis of 28 (- 27 yuan/ton), and pure benzene futures rose 0.32% to 6250 yuan/ton [4]. - **Cost**: On August 12, Brent crude closed at 64.0 (+0.1 dollar/barrel), WTI at 66.6 (+0.0 dollar/barrel), and East China pure benzene spot was 6180 yuan/ton (+20 yuan/ton) [4]. - **Inventory**: Styrene factory inventory was 21.1 (-0.6) million tons, a 2.71% decrease; Jiangsu port inventory was 14.9 (-1.0) million tons, a 6.42% decrease. Pure benzene port inventory was 14.6 (-1.7) million tons, a 10.43% decrease [4]. - **Supply**: A new styrene device in Shandong was put into operation. Weekly styrene output was 35.9 (-0.2) million tons, and capacity utilization was 77.7% (-1.2%) [4]. - **Demand**: Among styrene's downstream 3S, EPS capacity utilization dropped 10.6% to 43.7%, ABS rose 5.2% to 71.1%, and PS rose 1.7% to 55.0% [4]. 3.2. Industry Chain Data Monitoring - **Price**: Styrene futures and spot prices rose slightly on August 12 compared to August 11, while the basis decreased. Pure benzene futures, East China spot, and some international prices also changed, with different price differences showing various trends [8]. - **Output and Inventory**: From August 1 to August 8, styrene output decreased by 0.63% to 35.9 million tons, and pure benzene output increased by 2.36% to 44.6 million tons. Styrene and pure benzene inventories at ports and factories all decreased [9]. - **Capacity Utilization**: From August 1 to August 8, the capacity utilization of styrene and some pure - benzene downstream products changed. EPS capacity utilization dropped significantly, while ABS and PS increased [10]. 3.3. Industry News - China's shale cracking raw material supply issues may push up naphtha costs, with an expected record - high naphtha import of 16 - 17 million tons in 2025 [11]. - Global diesel shortage supports refinery profits, affecting the crude oil and chemical chains [11]. - India plans to accelerate petrochemical expansion to counter China's dominance [11]. 3.4. Industry Chain Data Charts The report provides multiple charts showing the historical data of pure benzene and styrene prices, price differences, inventory, and capacity utilization [16][19][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The cost of nickel resource supply has increased due to the restrictions on the issuance of the PNBP policy by the Indonesian government, but the production of nickel iron in Indonesia has rebounded significantly. Recently, the price of nickel iron has dropped significantly, weakening the support of raw material costs. [2] - The production profit of steel mills has improved significantly. Due to the rise in steel prices and the weak increase in raw material costs, it is expected that the output of steel mills will increase in August. [2] - As the traditional off - season for downstream consumption is coming to an end, there are optimistic expectations for the peak seasons of "Golden September and Silver October". Coupled with the favorable domestic fiscal investment policies, anti - involution measures are expected to improve the supply - demand pattern, and the market's purchasing willingness has recovered. [2] - Recently, the destocking of domestic stainless steel has been good, the market inventory pressure has been reduced, and the spot premium has risen. Technically, with a slight increase in positions and rising prices, the bullish sentiment is strong. It is recommended to go long with a light position. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 13,000 yuan/ton, with a month - on - month increase of 65; the price difference between the 08 - 09 contracts is - 15 yuan/ton, with a month - on - month decrease of 15. [2] - The net long position of the top 20 futures holders is - 26,366 lots, with a month - on - month increase of 581; the position volume of the main contract is 81,584 lots, with a month - on - month decrease of 2,462. [2] - The warehouse receipt quantity is 103,226 tons, with a month - on - month increase of 423. [2] 现货 Market - The price of 304/2B rolled cut - edge stainless steel in Wuxi is 13,600 yuan/ton, with no month - on - month change; the market price of scrap stainless steel 304 in Wuxi is 9,500 yuan/ton, with no month - on - month change. [2] - The basis of the SS main contract is 220 yuan/ton, with a month - on - month decrease of 65. [2] Upstream Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120; the total monthly output of nickel iron is 22,600 metal tons, with a month - on - month decrease of 1,300. [2] - The monthly import volume of refined nickel and alloys is 17,215.27 tons, with a month - on - month decrease of 472.3; the monthly import volume of nickel iron is 1.0414 million tons, with a month - on - month increase of 193,200. [2] - The spot price of SMM1 nickel is 122,150 yuan/ton, with a month - on - month increase of 50; the average price of nickel iron (7 - 10%) nationwide is 920 yuan/nickel point, with no month - on - month change. [2] - The monthly output of Chinese ferrochrome is 757,800 tons, with a month - on - month decrease of 26,900. [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.744 million tons, with a month - on - month decrease of 40,700; the total weekly inventory of 300 - series stainless steel is 608,000 tons, with a month - on - month increase of 2,300. [2] - The monthly export volume of stainless steel is 458,500 tons, with a month - on - month decrease of 29,500. [2] Downstream Situation - The cumulative monthly value of new housing starts is 303.6432 million square meters, with a month - on - month increase of 71.8071 million square meters; the monthly output of excavators is 26,800, with a month - on - month increase of 1,000. [2] - The monthly output of large and medium - sized tractors is 21,700, with a month - on - month decrease of 2,900; the monthly output of small tractors is 10,000, with a month - on - month decrease of 1,000. [2] Industry News - Trump announced a 100% tariff on all imported products containing semiconductors, but companies building or promising to build factories in the US are exempted. [2] - The US plans to impose an additional 15% tariff on the basis of the existing tariffs due to the continuous differences in the US - Japan trade agreement. [2] - Fed Governor Cook said the July employment report was "worrying" and might indicate a turning point in the US economy. [2] - The Indonesian government's PNBP policy restricts the supply of nickel resources, increasing costs, but the production of nickel iron in Indonesia has rebounded. [2]

Core Viewpoint - The domestic glass market continues to show weakness, with price adjustments observed in various regions due to supply and demand dynamics, particularly influenced by the real estate sector's ongoing downturn [1] Supply and Demand Dynamics - In the Hebei region, some manufacturers have lowered prices by 1-1.5 yuan per weight box, while in South China, prices decreased by 1 yuan per weight box due to slow sales caused by heavy rain [1] - The current market is transitioning from expectation-driven to a focus on actual supply and demand fundamentals, with supply pressures increasing despite seasonal maintenance leading to some supply contraction [1] - As of July 31, 2025, the national float glass daily production reached 159,600 tons, a slight increase of 180 tons year-on-year, with total production in July at 4.91 million tons, reflecting a month-on-month growth of 4.72% and a capacity utilization rate of 79.20% [1] Impact of Real Estate Sector - The persistent downturn in the real estate sector is a key factor suppressing glass demand, with the area of completed constructions declining by 5.0% year-on-year, leading to weak growth in rigid demand for glass [1] - The current real estate situation remains bleak, with downstream processing orders showing only a slight increase, primarily driven by essential needs [1] - The average order days for float glass processing enterprises is only 9.55 days, indicating a continued low operating status [1] Inventory and Supply Chain Issues - Although glass production enterprise inventory decreased by 1.56 million weight boxes to 51.78 million weight boxes last week, significant inventory pressure remains [1] - The completion of a round of stocking in mid to late July is expected to slow down purchasing in August, with processing enterprises showing reduced willingness to accept orders due to compressed profits [1] - The market is constrained by weak spot demand and ineffective inventory transfer to downstream sectors, making it difficult for apparent inventory reductions to translate into substantial price support [1] Cost Support Factors - Rising coal and raw material prices are currently the main supportive factors for market costs, providing a bottom support for prices [1] - While the price of soda ash is steadily rising, its impact on glass production costs is limited [1] - There is a notable profit disparity among glass enterprises based on fuel types, with those using natural gas facing significant losses, while coal gas enterprises enjoy relatively better profits, complicating unified production reduction efforts [1] Market Outlook - Most institutions maintain a cautious outlook for the short-term market, with recommendations to consider low-positioned long positions while being mindful of operational risks [1] - The forecast indicates that the supply increase and weak demand in the float glass market will persist in August, with prominent inventory pressures and limited price upward movement, necessitating vigilance regarding potential price-cutting strategies for inventory clearance [1] - The focus should remain on the speed of inventory digestion and potential policy stimulus until there is a substantial improvement in demand [1]

Core Viewpoint - The domestic futures market in the chemical sector shows a predominantly positive trend, with PTA futures experiencing a slight upward movement, indicating a potential recovery in the market [1] Cost and Profit Analysis - The cost and profit dynamics are primarily influenced by raw material prices, which are currently declining, while PVC prices have seen a slight increase, leading to improved PVC profit margins [1] Supply Side Dynamics - Recent maintenance activities at various chemical plants, including those in Ulanqab, Ordos, and others, have impacted supply. The capacity utilization rate for PVC has increased by 0.05% to 76.84% [1] Demand Side Insights - The overall operating rate of downstream products has shown a slight weekly recovery, particularly in pipe manufacturing. However, demand remains constrained due to adverse weather conditions and ongoing challenges in the real estate sector [1] Market Outlook - The outlook for August suggests continued pressure on supply and demand dynamics, with rising costs for calcium carbide and a return to a bullish trend for coking coal. The overall supply-demand balance is expected to lead to further inventory accumulation, with a recommendation to hold short positions [1]

瑞达期货（002961） 液化气供需格局改善有限，短线跟随成本低位震荡 中辉期货 PG【3850-3950】 瑞达期货：液化气供需格局改善有限，短线跟随成本低位震荡 欧佩克3日发表声明称，欧佩克和非欧佩克产油国中的8个主要产油国决定9月日均增产54.7万桶，自 2025年4月起，OPEC+产量策略显著转向，其从此前的减产周期迈向增产周期，4月至8月累计增产空间 达到191.9万桶/日；美国经济数据疲软，就业市场降温，引发市场对需求前景的担忧；关税僵局缓和， 市场对需求担忧下降；利空影响扩大，国际油价大幅回调。8月CP下调，进口成本打压国内价格。供应 方面，国内液化气商品量与港口到船量同步增加，供应端充裕，港口库存增幅明显，8月中上旬有部分 炼厂结束检修复产，商品量将继续增加，生产企业库存呈现增长。需求方面，国内液化气市场燃烧需求 预期无太大改善，化工消费能力或有提升：据隆众统计，烯烃深加工方面有两套烷基化装置计划开工， 醚后碳四需求将有增多；烷烃深加工中有两套PDH装置复产，丙烷消费量预期增长。液化气供需格局改 善有限，短线跟随成本低位震荡。技术上，PG主力合约断线呈现冲高回落，请投资者注意风险控制。 中辉期 ...

Report Information - Report Type: Polyolefin Daily Report [1] - Date: July 31, 2025 [2] Investment Rating - No investment rating information provided. Core Viewpoints - The futures market of polyolefins opened higher and fluctuated, which supported the market sentiment. However, the supply - demand pattern has not improved. The supply shows an increasing trend while the demand follow - up is poor. After the short - term market sentiment is digested, the futures price will face downward pressure. Attention should be paid to the introduction of specific stable - growth plans [6]. Summary by Directory 1. Market Review and Outlook - **Futures Market**: Lianplastic L2509 opened higher, closed at 7387 yuan/ton, up 18 yuan/ton (0.24%), with a trading volume of 245,000 lots and a decrease in positions by 9463 to 334,157 lots. PP main contract closed at 7145 yuan/ton, down 2 yuan, a decline of 0.03%, and positions decreased by 9052 to 299,700 lots [5][6]. - **Supply - Demand Situation**: The supply is increasing as the planned maintenance capacity decreases, some previous devices restart, and the second - phase project of Ningbo Daxie is planned to be put into production. The demand for agricultural films is at a seasonal low, the start - up of pipes and plastic weaving is stable, the orders in the daily chemical and food fields have slightly improved, but the production order days are extended, and the downstream's ability to accept high - price goods is insufficient, leading to inventory accumulation [6]. 2. Industry News - **Inventory**: On July 30, 2025, the inventory level of major producers was 750,000 tons, a decrease of 30,000 tons (3.85%) from the previous working day, compared with 745,000 tons in the same period last year [7]. - **PE Market Price**: The price of LLDPE in North China is 7200 - 7450 yuan/ton, in East China is 7280 - 7600 yuan/ton, and in South China is 7420 - 7600 yuan/ton [7]. - **Propylene Market Price**: The mainstream price in the Shandong propylene market is 6220 - 6280 yuan/ton, up 30 yuan/ton from the previous working day. The market sentiment is supported by some positive supply - demand news and the significant increase in international crude oil prices [7]. - **PP Market Price**: The mainstream price of drawn PP in North China is 7000 - 7130 yuan/ton, in East China is 7070 - 7180 yuan/ton, and in South China is 7000 - 7200 yuan/ton [7]. 3. Data Overview - The report provides figures on L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][14][15]

1. Report Information - Report Name: Polyolefin Daily Report [1] - Date: July 29, 2025 [2] 2. Industry Investment Rating - Not mentioned in the report 3. Core Viewpoints - Futures markets for plastics and PP showed declines, with market sentiment weakening. The supply - demand pattern remained unimproved, with supply increasing and demand not keeping up. After short - term market sentiment digestion, the market is expected to face downward pressure, and attention should be paid to the introduction of specific plans for stable growth [6] 4. Summary by Directory 4.1 Market Review and Outlook - **Futures Market Performance**: The plastics and PP futures contracts all closed lower. For example, plastic 2601 closed at 7400 yuan/ton, down 1.12%; PP2601 closed at 7136 yuan/ton, down 1.18%. The trading volume of plastic 2509 was 389,000 lots, and its open interest decreased by 20,147 to 346,401 lots. The open interest of PP decreased by 29,838 to 325,800 lots [5][6] - **Supply - Demand Situation**: Supply is on the rise as planned maintenance capacity decreases, some previous units are restarted, and new projects like Ningbo Daxie Phase II are planned for production. Demand is weak, with agricultural film demand at a seasonal low, stable开工 in pipes and plastic weaving, slightly improved orders in daily chemicals and food, but longer production order days and low downstream acceptance of high - priced products, leading to inventory accumulation [6] 4.2 Industry News - **Inventory**: On July 28, 2025, the inventory of major producers was 750,000 tons, a decrease of 15,000 tons (1.96%) from the previous working day, compared with 710,000 tons in the same period last year [7] - **Market Prices**: PE market prices fluctuated slightly. LLDPE prices in North China were 7230 - 7450 yuan/ton, in East China 7300 - 7650 yuan/ton, and in South China 7400 - 7650 yuan/ton. Shandong propylene market prices dropped 45 yuan/ton to 6170 - 6220 yuan/ton. PP market prices fell 20 - 50 yuan/ton, with different price ranges in North, East, and South China [7] 4.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, with data sources from Wind and Zhuochuang Information [10][12][14]

Group 1: Overall Report Information - The report is the Baocheng Futures rebar morning report dated July 24, 2025 [1] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - For the rebar 2510 contract, the short - term view is sideways, the medium - term view is sideways, and the intraday view is slightly bearish. It is recommended to focus on the support at the MA5 line. The core logic is that the supply - demand pattern is weakly stable, and steel prices are in high - level sideways movement [2] - The rebar supply - demand pattern is weakly stable. Supply is contracting as weekly output continues to decline, but production cuts may not last due to good profit margins and some product re - production. Demand is seasonally weak, with high - frequency demand indicators at low levels in recent years, suppressing steel prices. Although policy expectations drove up steel prices before, the optimistic sentiment is weakening, and the market logic returns to the industrial side. With cost support from strong raw materials, steel prices are expected to move sideways at high levels. Attention should be paid to the production and sales data released by Steelhome today [3] Group 4: Summary by Relevant Content 1. Variety View Reference - For the rebar 2510 contract, short - term, medium - term, and intraday views are provided. The short - term and medium - term are sideways, and the intraday is slightly bearish. The view is to focus on the MA5 line support, with the core logic of a weakly stable supply - demand pattern and high - level sideways steel prices. There are also explanations for calculating price changes and definitions of different price trends [2] 2. Market Driving Logic - Supply: Weekly output of rebar is declining, but production cuts may not be sustainable due to good profit margins and product re - production. - Demand: Seasonal weakness, with high - frequency demand indicators at low levels in recent years, continuing to suppress steel prices. - Market situation: Policy - driven optimism is weakening, and the market logic returns to the industrial side. Cost support from strong raw materials exists. Steel prices are expected to move sideways at high levels, and attention should be paid to today's Steelhome production and sales data [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current fundamental market of crude oil is healthy. With low inventories in Cushing, hurricane expectations, and Russia - related events, crude oil has upward momentum. However, the seasonal demand decline in mid - August will limit its upside. A target price of $70/barrel for WTI in the September hurricane season is set, and short - term long positions with profit - taking on dips are recommended [2]. - For methanol, the market is currently driven by news, with increased volatility and difficulty in operation. The upstream开工 continues to decline, and overseas supply disruptions are mostly priced in. The demand side is weak overall, and the upside is limited in the off - season. It is recommended to wait and see after the sharp rise [4]. - Regarding urea, although affected by short - term sentiment, the domestic supply - demand situation is acceptable. The price has support at the bottom but is also suppressed by high supply at the top. It is advisable to pay attention to long - position opportunities on dips [6]. - For rubber, NR and RU have been rising strongly, and the overall commodity market has strong bullish sentiment. The price is expected to be more likely to rise than fall in the second half of the year, with a medium - term bullish view. Short - term risks of pull - backs should be guarded against [8][11]. - For PVC, the pessimistic fundamental expectations have improved due to the extension of anti - dumping in India, but there are still pressures in supply - demand and valuation. The price is strong in the short term under the stimulation of anti - dumping extension and anti - involution sentiment [11]. - For benzene ethylene, the cost - side support has returned strongly, and the BZN spread is expected to repair. The price is expected to fluctuate following the cost side [12][13]. - For polyethylene, the cost - side support has returned, but due to high trader inventories and weak seasonal demand, the price is expected to oscillate downward [15]. - For polypropylene, in the context of weak supply and demand in the off - season, the price is expected to be bearish in July, and it is recommended to wait and see [16]. - For PX, after the end of the maintenance season, the load remains high. With high - level downstream PTA load and low inventory, there is limited short - term negative feedback from the polyester and terminal sectors. It is expected to continue de - stocking in the third quarter, and short - term long - position opportunities following crude oil on dips are worthy of attention [18][20]. - For PTA, supply is expected to continue to accumulate inventory, and demand is under pressure in the off - season. However, due to low inventory and improved processing fees, the negative feedback pressure is small. It is recommended to pay attention to long - position opportunities following PX on dips [21]. - For ethylene glycol, the fundamental situation is expected to turn from strong to weak, but short - term inventory de - stocking at a low level provides support for the valuation [22]. Summary by Catalog Crude Oil - **Market Quotes**: On July 23, 2025, WTI main crude oil futures closed down $0.71, or 1.06%, at $66.36; Brent main crude oil futures closed down $0.42, or 0.61%, at $68.67; INE main crude oil futures closed down 23.40 yuan, or 4.35%, at 514.7 yuan [1]. - **Inventory Data**: Fujeirah port's weekly oil product data showed that gasoline inventories increased by 0.02 million barrels to 8.30 million barrels, a 0.19% increase; diesel inventories decreased by 0.23 million barrels to 2.18 million barrels, a 9.44% decrease; fuel oil inventories decreased by 0.51 million barrels to 9.99 million barrels, a 4.87% decrease; total refined oil inventories decreased by 0.72 million barrels to 20.47 million barrels, a 3.41% decrease [1]. Methanol - **Market Quotes**: On July 22, the 09 contract rose 46 yuan/ton to 2411 yuan/ton, and the spot price rose 14 yuan/ton, with a basis of +1 [4]. - **Fundamentals**: The upstream开工 continued to decline, and overseas plant开工 returned to medium - high levels. The port olefin load increased this week, while traditional demand was in the off - season. The overall demand was weak, and the downstream profit margin was still low [4]. Urea - **Market Quotes**: On July 22, the 09 contract rose 5 yuan/ton to 1817 yuan/ton, and the spot price remained unchanged, with a basis of +3 [6]. - **Fundamentals**: Domestic开工 decreased slightly, and enterprise profits were at a medium - low level. The demand from compound fertilizers started to pick up, and export container - loading continued, with rising port inventories [6]. Rubber - **Market Quotes**: NR and RU continued to rise strongly [8]. - **Supply - Demand Analysis**: Bulls believe that weather and rubber forest conditions in Southeast Asia may lead to production cuts, the seasonal trend is favorable in the second half of the year, and China's demand is expected to improve. Bears think that macro expectations are uncertain, demand is in the off - season, and the production cut may be less than expected [12]. PVC - **Market Quotes**: The PVC09 contract rose 142 yuan to 5260 yuan, the Changzhou SG - 5 spot price was 5080 (+40) yuan/ton, the basis was - 180 (- 102) yuan/ton, and the 9 - 1 spread was - 114 (+5) yuan/ton [11]. - **Fundamentals**: The cost side remained stable, the overall开工 rate increased, the downstream开工 decreased, factory inventories decreased, and social inventories increased. The fundamental pessimistic expectations improved, but supply - demand and valuation still faced pressure [11]. Benzene Ethylene - **Market Quotes**: The spot price rose, the futures price fell, and the basis strengthened. The BZN spread was at a relatively low level in the same period and had room for upward repair [12][13]. - **Fundamentals**: The cost - side pure benzene开工 increased, supply was abundant, the benzene ethylene开工 continued to rise, port inventories increased significantly, and the demand - side three - S overall开工 rate fluctuated upward [13]. Polyethylene - **Market Quotes**: The futures price rose [15]. - **Fundamentals**: The cost - side support returned, the spot price remained unchanged, trader inventories were at a high level, and seasonal demand was weak. The price was expected to oscillate downward [15]. Polypropylene - **Market Quotes**: The futures price rose [16]. - **Fundamentals**: Shandong refinery profits stopped falling and rebounded, the开工 rate was expected to gradually recover, downstream开工 decreased seasonally, and the price was expected to be bearish in July [16]. PX - **Market Quotes**: The PX09 contract rose 24 yuan to 6886 yuan, PX CFR rose 1 dollar to 843 dollars, the basis was 57 (- 22) yuan, and the 9 - 1 spread was 96 (+4) yuan [18]. - **Fundamentals**: The PX load in China decreased slightly, the Asian load remained unchanged, some plants had changes, PTA load remained flat, imports decreased, inventories decreased, and the valuation was at a neutral level [18][20]. PTA - **Market Quotes**: The PTA09 contract rose 14 yuan to 4794 yuan, the East China spot price fell 10 yuan to 4775 yuan, the basis was 2 (- 4) yuan, and the 9 - 1 spread was 10 (- 6) yuan [21]. - **Fundamentals**: The PTA load remained unchanged, downstream load decreased, terminal load decreased, inventories increased, and the processing fee decreased. Supply was expected to accumulate inventory, and demand was under pressure in the off - season [21]. Ethylene Glycol - **Market Quotes**: The EG09 contract rose 37 yuan to 4447 yuan, the East China spot price rose 20 yuan to 4490 yuan, the basis was 60 (- 2) yuan, and the 9 - 1 spread was - 6 (- 9) yuan [22]. - **Fundamentals**: The supply - side开工 decreased, downstream load decreased, import arrivals were expected, port inventories decreased, and the valuation was relatively high year - on - year. The fundamental situation was expected to turn weak, but short - term inventory de - stocking provided support [22].