交易咨询业务资格：证监许可【2012】1091号 沪铜周报（5.12~5.16） 大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 上周回顾 沪铜周评: 上周沪铜震荡偏强运行，沪铜主力合约上涨0.89%，收报于78140元/吨。宏观面看，地缘政治扰动铜价, 川普上台后，中美关税回归前期，对全球带来积极情绪，商品普遍好转。国内方面，消费进入旺季， 等待消费指引，目前来看下游消费意愿一般。产业端，国内现货交易一般，整体还是刚需交易为主。 库存方面，铜库存LME库存179375吨，上周出现小幅减少，上期所铜库存较上周增27437吨至108142吨。 期货主力 数据来源：博易大师 基本面 1、PMI 2、供需平衡表 3、库存 PMI PMI下行 数据来源：Wind 供需平衡 2023供需紧平衡，2 ...

Group 1 - On May 16, major steel mills in Shandong reduced the procurement price of coke by 50 CNY/ton for wet quenching and 55 CNY/ton for dry quenching [1] - The national average price for first-grade coke is reported at 980 CNY/ton, while second-grade coke is at 1100 CNY/ton [2] - The futures market saw the main contract for coke close at 1445.5 CNY/ton, with a decline of 1.93% [2] Group 2 - As of May 15, the average daily production of coke from independent coking plants was 671,000 tons, with a week-on-week increase of 0.2% [3] - The total coke inventory across various sectors decreased to 1,039,490 tons, marking a 0.92% reduction and the lowest level in four months [3] - The overall inventory increase year-on-year is 17.41%, indicating a narrowing growth rate [3] Group 3 - Supply remains stable in major production areas, although some regions are experiencing production limits due to ongoing profit pressures [4] - Steel mills are managing low inventory levels, primarily replenishing based on immediate needs, while seasonal demand is expected to weaken [4] - The market is currently in a weak balance state with strong supply and weak demand, suggesting that coke prices may continue to fluctuate within a range [4]

原木期货日报 证监许可 【2011】1292号 2025年5月16日 曹剑兰 Z00J9556 | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 5月15日 | 5 14日 | 张跌 | 涨跌幅 | 单位 | | 原木2507 | 788.0 | 794.0 | -6.0 | -0.76% | | | 原木2509 | 798.0 | 804.5 | -6.5 | -0.81% | | | 原木2511 | 801.5 | 809.5 | -8.0 | -0.99% | | | 7-9价差 | -10.0 | -10.5 | 0.5 | | | | 9-11价差 | -3.5 | -5.0 | 1.5 | | | | 7-11价差 | -13.5 | -15.5 | 2.0 | | | | 07合约基差 | -28.0 | -34.0 | 6.0 | | | | 09合约基差 | -38.0 | -44.5 | 6.5 | | | | 11合约基差 | -41.5 | -49.5 | 8.0 | | 元/立方米 | | 日照港 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Geopolitical news affects oil prices frequently, and in the absence of an OPEC statement on July production policy, oil prices are expected to oscillate. Macro factors are currently stable, with short - term Brent expected to trade between $62 - 65 per barrel and medium - term between $60 - 70 per barrel [2]. - For asphalt, supply has increased while demand is stable. Low inventory supports spot prices and benefits the peak - season outlook. With oil prices under pressure, asphalt prices are expected to oscillate at high levels, and the asphalt/oil price spread may widen [6]. - LPG is under pressure due to lower oil prices, increased supply from the US, and decreased demand, especially in the chemical sector. The market is expected to operate weakly [9]. - High - sulfur fuel oil has abundant short - term supply in Asia but a medium - term supply gap. Seasonal power - generation demand is increasing. Low - sulfur fuel oil supply is rising while demand is weak [11]. - Natural gas in the US is expected to oscillate weakly due to maintenance at export terminals, increased inventory, and slightly decreased production. European natural gas may oscillate strongly due to market sentiment and supply - demand factors [12][13]. - PX and PTA are expected to oscillate at high levels due to increased maintenance, improved downstream demand, and a widened supply - demand gap [14][18]. - Ethylene glycol supply has tightened due to maintenance, and demand is expected to improve. The market is expected to oscillate [19]. - Short - fiber and PR (bottle - chip) are expected to oscillate at high levels, following the trend of polyester raw materials [21][22]. - Styrene supply is tight, but market buying interest weakens at high prices. Future trends depend on demand in the off - season, inventory changes, and export orders [23]. - Polyolefins face large production - capacity pressure in the 09 contract. Demand is weak, and prices are expected to oscillate in the short term and decline in the medium term [26]. - PVC is expected to oscillate strongly in the short term but face an oversupply situation in the long term. Caustic soda is recommended for short - term observation and medium - term short - selling [30][31]. - Glass is in a supply - surplus situation, with weak downstream demand. Prices are expected to be weak in the short term, and short - selling on rebounds is recommended [33]. - Soda ash supply is increasing, and demand is lackluster. The 09 contract faces multiple pressures, and short - selling on rebounds is recommended [35]. - Urea inventories are decreasing, and export policies are favorable. Buying on dips is recommended [38]. - Methanol is expected to oscillate strongly in the short term and be sold on rebounds in the long term [40]. - Pulp prices are expected to oscillate, and it is recommended to take profits on long positions in the SP 07 contract [45]. - For natural rubber, hold short positions in the RU 09 contract and long positions in the NR 07 contract [48]. - For butadiene rubber, observe the BR 07 contract and reduce positions in the BR2507 - NR2507 spread [51]. Summary by Related Catalogs Crude Oil - **Market Review**: WTI2506 settled at $61.62, down $1.53 (-2.42%); Brent2507 settled at $64.53, down $1.56 (-2.36%); SC2507 closed at 471.7 yuan/barrel, down 6.6 yuan, and dropped 10.1 yuan in night trading to 461.6 yuan/barrel. The Brent front - to - second - line spread was $0.50 per barrel [1]. - **Related News**: Trump said the US is close to a nuclear deal with Iran, but an Iranian source said there are still gaps. Russia and Ukraine are to hold peace talks, and the IEA adjusted supply and demand forecasts [1][2]. - **Logic Analysis**: Geopolitical news affects oil prices, and without OPEC's July production policy, oil prices lack a clear trend and are expected to oscillate [2]. - **Trading Strategy**: Short - term weak oscillation, medium - term wide - range oscillation for single - sided trading; gasoline and diesel crack spreads are stabilizing; hold off on options [4]. Asphalt - **Market Review**: BU2506 closed at 3469 points (+0.09%) in night trading, and BU2509 closed at 3403 points (+0.24%). Spot prices in different regions varied [4]. - **Related News**: In Shandong, prices were stable, with increased refinery shipments. In the Yangtze River Delta, prices were stable, and some refineries planned to cut production. In South China, prices were stable, and demand is expected to increase [4][5]. - **Logic Analysis**: Supply increased, demand was stable, and low inventory supported prices. Oil price pressure may limit asphalt price increases [6]. - **Trading Strategy**: High - level oscillation for single - sided trading; the asphalt - oil spread is expected to strengthen; hold off on options [6]. LPG - **Market Review**: PG2506 closed at 4278 (-0.53%) in night trading, and PG2507 closed at 4190 (-0.4%). Spot prices in different regions were reported [6]. - **Related News**: In South China, prices fell and may stabilize. In East China, prices declined slightly, and in Shandong, prices were mixed [7][8]. - **Logic Analysis**: Lower oil prices, increased supply from the US, and decreased demand in the chemical sector put pressure on the LPG market [9]. - **Trading Strategy**: Weak oscillation for single - sided trading [9]. Fuel Oil - **Market Review**: FU07 closed at 2991 (-1.16%) in night trading, and LU07 closed at 3596 (-1.18%). Singapore's high - and low - sulfur fuel oil spreads increased [9]. - **Related News**: Dangote refinery plans to sell fuel oil, Singapore's fuel oil inventory reached a two - month low, and Russian exports decreased [10]. - **Logic Analysis**: High - sulfur supply is abundant in the short term but has a medium - term gap. Low - sulfur supply is increasing while demand is weak [11]. - **Trading Strategy**: Hold off on single - sided trading; take profits on the FU 9 - 1 calendar spread [11]. Natural Gas - **Market Review**: HH closed at 3.358 (-3.72%), TTF at 35.294 (+0.7%), and JKM at 11.88 (-0.04%) [12]. - **Related News**: Maintenance at US export terminals led to a price drop, and inventory increased [12]. - **Logic Analysis**: US natural gas is expected to oscillate weakly, while European natural gas may oscillate strongly [12][13]. - **Trading Strategy**: Weak oscillation for HH single - sided trading, strong oscillation for TTF single - sided trading [13]. PX - **Market Review**: PX2509 closed at 6762 (-1.72%) and 6784 (+0.33%) in night trading. Spot prices decreased [13][14]. - **Related News**: Polyester product sales were weak, and PX and PTA operating rates changed [14]. - **Logic Analysis**: Increased PX maintenance and strong gasoline demand tightened the PX supply - demand structure, and prices are expected to oscillate at high levels [14]. - **Trading Strategy**: High - level oscillation for single - sided trading; positive basis trading; hold off on options [15][16]. PTA - **Market Review**: TA509 closed at 4798 (-1.56%) and 4816 (+0.38%) in night trading. Spot prices and basis were reported [16]. - **Related News**: Polyester product sales were weak, PTA and polyester operating rates changed, and some PTA plants planned to restart [16][17]. - **Logic Analysis**: Multiple PTA plant maintenance, improved downstream demand, and a widened supply - demand gap support high - level price oscillation [18]. - **Trading Strategy**: High - level oscillation for single - sided trading; positive basis trading; hold off on options [18]. Ethylene Glycol - **Market Review**: EG2509 closed at 4461 (-1.00%) and 4503 (+0.94%) in night trading. Spot and futures basis were reported [19]. - **Related News**: Polyester product sales were weak, and the ethylene glycol operating rate decreased [19]. - **Logic Analysis**: Maintenance tightened supply, and improved demand is expected to lead to a better supply - demand pattern and port de - stocking [19]. - **Trading Strategy**: Hold off on options [20]. Short - Fiber - **Market Review**: PF2507 closed at 6570 (-0.82%) and 6586 (+0.24%) in night trading. Spot prices were reported [20]. - **Related News**: Polyester product sales were weak, and downstream operating rates changed [21]. - **Logic Analysis**: Follow the trend of polyester raw materials and oscillate at high levels [21]. - **Trading Strategy**: High - level oscillation for single - sided trading; hold off on spreads and options [21]. PR (Bottle - Chip) - **Market Review**: PR2507 closed at 6116 (-1.35%) and 6140 (+0.39%) in night trading. Spot prices were reported [21]. - **Related News**: Polyester bottle - chip factory export prices were adjusted [22]. - **Logic Analysis**: New production capacity increases supply pressure, but demand is supported, and prices are expected to oscillate at high levels [22]. - **Trading Strategy**: High - level oscillation for single - sided trading; hold off on spreads and options [22]. Styrene - **Market Review**: EB2506 closed at 7739 (-0.09%) and 7808 (+0.89%) in night trading. Spot prices and basis were reported [23]. - **Related News**: Styrene and downstream operating rates changed [23]. - **Logic Analysis**: Supply is tight, but market buying interest weakens at high prices. Future trends depend on multiple factors [23]. - **Trading Strategy**: High - level oscillation for single - sided trading; hold off on spreads and options [24]. Polyolefins - **Market Review**: L2509 closed at 7298 (-0.56%) and 7271 (-0.37%) in night trading; PP2509 closed at 7161 (-0.44%) and 7140 (-0.29%) in night trading. Spot prices were reported [25]. - **Related News**: Operating rates, inventory levels, and market rumors were reported [25][26]. - **Logic Analysis**: New production capacity exerts pressure, demand is weak, and prices are expected to oscillate in the short term and decline in the medium term [26]. - **Trading Strategy**: Oscillation in the short term, bearish in the medium term for single - sided trading; hold off on spreads and options [27]. PVC and Caustic Soda - **Market Review**: SH509 closed at 2567 (+1.46%) and 2541 (-1.01%) in night trading; V2509 closed at 5041 (+1.10%) and 5006 (-0.69%) in night trading. Spot prices were reported [28]. - **Related News**: Price adjustments and market changes were reported [29][30]. - **Logic Analysis**: PVC is expected to oscillate strongly in the short term but face an oversupply situation in the long term. Caustic soda is recommended for short - term observation and medium - term short - selling [30][31]. - **Trading Strategy**: Hold off on spreads and options; short - term strong oscillation and long - term short - selling for PVC; short - term observation and medium - term short - selling for caustic soda [32]. Glass - **Market Review**: The glass 09 contract closed at 1036 (-0.96%) and 1025 (-1.06%) in night trading. Spot prices were reported [32]. - **Related News**: Market prices were stable with minor fluctuations, production and inventory data were reported [32][33]. - **Logic Analysis**: Supply is in surplus, demand is weak, and prices are expected to be weak in the short term [33]. - **Trading Strategy**: Short - selling on rebounds for single - sided trading; hold off on spreads and options [34]. Soda Ash - **Market Review**: The soda ash 09 contract closed at 1330 (-1.1%) and 1323 (-0.5%) in night trading. Spot prices were reported [34][35]. - **Related News**: Market trends, production, inventory, and profit data were reported [35]. - **Logic Analysis**: Supply is increasing, demand is lackluster, and the 09 contract faces multiple pressures [35]. - **Trading Strategy**: Short - selling on rebounds for single - sided trading; hold off on spreads; sell both calls and puts for options [36]. Urea - **Market Review**: Urea futures closed at 1892 (+0.32%). Spot prices were reported [37]. - **Related News**: Capacity utilization rates changed, and export - related discussions were held [38]. - **Logic Analysis**: Inventories are decreasing, and export policies are favorable [38]. - **Trading Strategy**: Buying on dips for single - sided trading [38]. Methanol - **Market Review**: Methanol futures closed at 2318 (-0.77%). Spot prices were reported [41]. - **Related News**: MTO capacity utilization increased [40]. - **Logic Analysis**: International supply increases, domestic supply is loose, and prices are expected to oscillate strongly in the short term and be sold on rebounds in the long term [40]. - **Trading Strategy**: Short - term observation, long - term selling on rebounds for single - sided trading; hold off on spreads; sell calls for options [42]. Pulp - **Market Review**: The SP 07 contract closed at 5370 (-0.30%). Spot prices were reported [42][44]. - **Related News**: The paper industry showed signs of improvement [44]. - **Logic Analysis**: Prices are expected to oscillate [45]. - **Trading Strategy**: Take profits on long positions in the SP 07 contract; hold off on spreads [45]. Natural Rubber and 20 -号 Rubber - **Market Review**: RU 09 closed at 15075 (-0.10%); NR 07 closed at 12835 (-0.04%). Spot prices were reported [46]. - **Related News**: The European automotive market is stagnant [47]. - **Logic Analysis**: Tire production and inventory data were reported [47]. - **Trading Strategy**: Hold short positions in the RU 09 contract and long positions in the NR 07 contract; hold off on spreads and options [48]. Butadiene Rubber - **Market Review**: BR 07 closed at 12405 (+0.40%). Spot prices were reported [49]. - **Related News**: The European automotive market is stagnant [50]. - **Logic Analysis**: Tire production and inventory data were reported [50]. - **Trading Strategy**: Observe the BR 07 contract; reduce positions in the BR2507 - NR2507 spread; sell the BR2507 put 11200 contract [51][53].

Core Viewpoint - The dairy industry is facing demand pressure in 2024, but policies promoting childbirth subsidies are expected to boost consumption recovery [1][4] Group 1: Performance Review - The dairy industry is experiencing weak recovery in Q4 2024 and Q1 2025 due to external demand pressures and inventory destocking [2] - Major companies like Yili and Mengniu are controlling shipments to destock, leading to revenue declines for most companies in 2024 [2] - Yili and Mengniu have taken steps to clean up their balance sheets by recognizing goodwill impairment, which is expected to lead to improved performance in Q2 2025 [2] Group 2: Operational Situation - Milk prices have been on a downward trend since 2022, leading to a reduction in dairy cow inventory by 4.5% to 6.3 million heads and a 2.8% decrease in raw milk production to 41.61 million tons in 2024 [3] - The overall gross margin of the industry has improved due to falling milk prices, with companies maintaining cautious promotional strategies and reducing sales expense ratios [3] - The profitability of major companies is expected to improve in Q1 2025, with Yili's net profit margin exceeding market expectations after excluding one-time income [3] Group 3: Investment Recommendations - The supply side is undergoing accelerated destocking, with continued pressure on upstream operations due to falling milk prices and rising feed costs [4] - Policies promoting childbirth subsidies are expected to enhance dairy product consumption, with companies like Feihe and Yili responding by offering product subsidies of 1.2 billion and 1.6 billion respectively [4] - The overall outlook for the industry is positive, with expectations of improved supply-demand balance and stronger performance from leading companies [4]

Core Insights - The N220 carbon black market is experiencing price volatility due to supply-demand imbalances and external factors affecting production costs and market dynamics [2][3] - The production capacity of carbon black is limited by the need for coal as a raw material, significant capital investment, and environmental regulations [2] - Demand for N220 carbon black is increasing across various industries, particularly in rubber, plastics, and inks, driven by economic growth and rising living standards [2] Supply Situation - Carbon black production is constrained by the need for substantial investment and technical support, leading to limited production capacity and output [2] - Environmental pollution concerns associated with carbon black production necessitate strict regulatory oversight, further limiting production capabilities [2] - The overall supply of carbon black is relatively limited, resulting in low supply elasticity and a fragile supply-demand balance [2] Demand Dynamics - The global rubber industry is the largest consumer of carbon black, significantly influencing market demand [2] - Different industries have varying requirements for carbon black in terms of quantity and quality, introducing uncertainty and volatility into the market [2] - The reduction of trade barriers and globalization has led to increased international demand for carbon black, impacting the supply-demand equilibrium [2] Price Volatility - The uncertainty in supply-demand conditions makes it challenging for carbon black producers to set reasonable price levels [3] - External factors such as raw material price fluctuations, technological advancements, and changes in regulations contribute to price instability [3] - Price volatility is a norm in the carbon black market, necessitating strategic responses from producers and consumers alike [3] Strategic Recommendations - Producers should conduct in-depth market demand analysis to adapt to price fluctuations and develop effective business strategies [3] - Strengthening collaboration with downstream customers is essential for producers to navigate market changes [3] - Buyers should focus on balancing quality and price during procurement to ensure suitable product acquisition [3] - Government and regulatory bodies should enhance market oversight to promote fair competition and stability in the carbon black market [3] Conclusion - The analysis of N220 carbon black pricing trends is complex and influenced by supply-demand dynamics, collaboration between producers and consumers, and regulatory guidance [3] - A stable and healthy development of the carbon black market is crucial for supporting the growth of related industries [3]

黑色产业链日报 2025/5/14 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关 ...

燃料油日报 第一部分 相关数据 | 研究员： | | --- | | 吴晓蓉 | 期货从业证号： F03108405 投资咨询从业证号： Z0021537 ： 021-65789108 大宗商品研究所 沥青研发报告 燃料油日报 2025 年 5 月 13 日 ： wuxiaorong_qh @chinastock.com.cn | | 2025/5/13 | 2025/5/12 | 2025/5/6 | 2025/4/15 | Δ日 | Δ周 | | --- | --- | --- | --- | --- | --- | --- | | FU主力 | 3006 | 2996 | 2837 | 2947 | 10 | 169 | | FU主力持仓(万手) | 14.6 | 14.3 | 14.9 | 23.8 | 0.3 | -0.3 | | FU仓单(吨) | 39620 | 44390 | 51120 | 46170 | -4770 | -11500 | | LU主力 | 3541 | 3518 | 3328 | 3393 | 23 | 213 | | LU主力持仓(万手） | 6.5 | 6.4 | 5. ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/05/13 隔夜夜盘市场走势 1. 国内商品期货夜盘收盘多数上涨，能源化工品普遍上涨，苯乙烯涨 3.05%，丁二烯橡胶涨 2.69%，纸浆涨 2.38%，燃油涨 2.36%，PTA 涨 2.11%，20 号胶涨 1.91%。黑色系涨跌不一，铁矿石涨 1.77%，螺纹钢涨 1.28%，热卷涨 1.1%。农产品多数上涨，棉花涨 1.26%，豆二涨 1.02%，棉纱涨近 1%。基本金属 涨跌不一，沪锡涨 1.33%，沪铝涨 0.91%，沪镍跌 1.26%。沪金跌 2.52%，沪银 跌 0.75%。 2. 国际油价走强，美油主力合约收涨 1.54%，报 61.96 美元/桶；布伦特原 油主力合约涨 1.63%，报 64.95 美元/桶。分析师指出，OPEC+增产节奏加快及地 缘政治风险缓和共同推动油价上行，但需关注美国库存数据变化对供需平衡的 影响。 3. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 3.06%报 3241.80 美元/盎 司，COMEX 白银期货跌 0.36%报 32.80 美 ...

1. Report Industry Investment Rating - Alumina: Oscillation [1] 2. Core View of the Report - The price of Guinea ore has further decreased, and there are uncertainties in new alumina investments in China. Alumina supply and demand and costs still face pressure, but the price valuation is not high, and some negative factors have been priced in. The futures price may gradually enter the bottom - grinding stage [1][15] 3. Summary According to the Catalog 3.1 Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices were on a downward trend last week. Shanxi 58/5 ore was priced at 700 yuan/ton, Henan 58/5 at 668 yuan/ton, and Guizhou 60/6 at 596 yuan/ton. After the May Day holiday, mine inspections were strengthened. Domestic ore supply remained tight. Imported Guinea mainstream 45/3 ore price dropped to 75 dollars/dry ton (CIF). Newly - arrived ore during the period was 4.747 million tons, including 4.11 million tons from Guinea. The freight from Guinea to China decreased slightly to 19 dollars/ton [12] - **Alumina**: The spot price of alumina rose last week. The northern comprehensive price was 2870 - 2930 yuan/ton, up 10 yuan/ton; the domestic weighted index was 2913.6 yuan/ton, up 22.4 yuan/ton. The import port price was flat. After the holiday, downstream enterprises had a strong willingness to replenish stocks. The domestic alumina full - cost was 2962 yuan/ton, with a real - time profit of - 59 yuan/ton. The number of domestic alumina enterprises under maintenance and production cuts was increasing. The national alumina production capacity was 110.82 million tons, with an operating capacity of 86.75 million tons, a decrease of 550,000 tons from before the holiday, and an operating rate of 78.2% [3][13] - **Demand**: There were no changes in domestic and overseas demand. The domestic electrolytic aluminum operating capacity was 43.923 million tons, and the overseas electrolytic aluminum operating capacity was 29.408 million tons, both remaining unchanged week - on - week [13] - **Inventory**: As of May 8, the national alumina inventory was 3.288 million tons, a decrease of 135,000 tons from before the holiday. Alumina enterprise inventories and electrolytic aluminum enterprise inventories both decreased [14] - **Warehouse Receipts**: The registered warehouse receipts of alumina on the SHFE were 249,763 tons, a decrease of 28,850 tons from last week. The supply shortage led to inventory reduction, and the uncertainty of new project investment led to a rebound in the futures price [15] 3.2 Weekly Key Event News Summary in the Industry Chain - On May 9, 200,000 tons of alumina were traded in Shandong at 2900 yuan/ton [16] - A large - scale alumina enterprise in Shandong had its third 1 - million - ton production line put into operation in mid - April. The production was mainly concentrated on the front - end of aluminum hydroxide, and the finished product was expected to be produced by the end of the month. The alumina roasting volume was difficult to increase in the short term [16] - 500,000 tons of alumina were traded in Guizhou at 3000 yuan/ton for long - term orders [16] 3.3 Key Data Monitoring of the Upstream and Downstream of the Industry Chain - **Raw Materials and Cost**: The report provided data on domestic and imported bauxite prices, bauxite port inventory, shipping volume, sea - floating inventory, domestic caustic soda and thermal coal prices, and alumina production costs in various provinces [17][19][24] - **Alumina Price and Supply - Demand Balance**: It included domestic and imported alumina prices, domestic electrolytic aluminum prices, the futures price ratio of electrolytic aluminum to alumina on the SHFE, and the weekly supply - demand balance of alumina [31][33][38] - **Alumina Inventory and Warehouse Receipts**: It covered the alumina inventory of electrolytic aluminum plants and alumina plants, domestic alumina yard/terminal/in - transit inventory, port inventory, total social inventory, and the SHFE alumina warehouse receipts and positions [41][44][48]