【市场资讯】 4月23日，无锡鼎利凯钢业有限公司304，1.0四八尺，公差0.9平板价格报13300元/吨，较上一交易日持 平；304，2.0四尺卷价格报13600元/吨，较上一交易日持平。 （4月23日）今日全国不锈钢板价格一览表 | 规格 | 品牌/ | 报价 | 报价 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | | | 产地 | | 类型 | | | | 材质:304/2B ;规格:2.0*1219*C ;品种:冷轧不锈 | 宏旺 | 13150 | 市场 | 江苏省/无 | 江苏屿鑫金属科技有 | | 钢卷板； | | 元/吨 | 价 | 锡市 | 限公司 | | 材质:304/2B;规格:1.0*1219*2438;公差:0.91;品 | 国产 | 12050 | 市场 | 江苏省 | 江苏鑫万佳不锈钢有 | | 种:冷轧不锈钢平板; | | 元/吨 | 价 | | 限公司 | | 材质:304/2B ;规格:2.0*1219*C ;品种:冷轧不锈 | 国产 | 13120 | 市场 | 江苏省 | 江苏鑫万佳不锈钢有 | | 钢卷板； | ...

Group 1: Report General Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: April 8, 2025 [1] - Research Team: Non - ferrous Metals Research Team [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The carbonated lithium futures decreased with reduced positions, and the risk - asset selling spread to the carbonate lithium market. The futures price has broken the cost price, but the cost - side support is gradually emerging. Attention should be paid to the support around 70,000 yuan for carbonate lithium futures [6] Group 4: Market Review and Operation Suggestions - Carbonate lithium futures decreased with reduced positions. The main contract once dropped to 70,000 yuan in the morning, breaking the cost support line of lithium mica. The daily closing price fluctuated between 71,000 - 72,000 yuan, and the total positions decreased to 340,000 lots [6] - The spot price of electric - grade carbonate lithium decreased by 1,300 yuan to 72,600 yuan, and industrial - grade carbonate lithium decreased by 1,300 yuan to 70,650 yuan. The spot price remained at a premium compared to the main contract. Upstream lithium salt producers continued to hold firm on prices, and downstream material producers mainly adopted a wait - and - see attitude [6] - The price of high - grade lithium spodumene ore decreased by 40 yuan to 5,575 yuan/ton, and the price of high - grade lithium mica ore decreased by 15 yuan to 1,725 yuan/ton. The prices of downstream cathode materials also decreased, and the price reduction in the industrial chain was smoothly transmitted downstream [6] - The spot price of carbonate lithium is approaching last year's lowest point, and the futures price has broken the cost price. Although macro - risks are still difficult to eliminate, the cost - side support is gradually emerging. Attention should be paid to the support around 70,000 yuan for carbonate lithium futures [6] Group 5: Industry News - In March 2025, Chile's lithium export volume was 22,976 tons, of which the carbonate lithium export volume was 20,227 tons, a month - on - month increase of 38.5%. The export volume of carbonate lithium to China was 16,594 tons, a month - on - month increase of 38%. Considering the shipping cycle, it is expected to arrive at Chinese ports from April to May. The domestic carbonate lithium production has declined from its peak, and the overseas imports have provided some supplementation, but the supply pressure remains high [7] - Kodal Minerals' Bougouni lithium project in southern Mali is close to completion, and commercial production is about to start. The DMS processing plant has produced more than 11,000 tons of lithium spodumene concentrate, and production operations are gradually increasing [7][8] - BYD's market value has exceeded CATL's, regaining the top position in the Shenzhen stock market. However, according to the 2024 annual report of public funds, CATL has surpassed Kweichow Moutai to become the most - held stock by public funds, while the number of funds holding BYD is only half of that of CATL, and the total market value of shares held is less than a quarter of CATL's [8]

1. Report Information - Report Title: Polyolefin Monthly Report [1] - Date: April 2, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Core View: Maintenance season eases supply pressure, while seasonal demand weakening brews downward risks [5] 2. Market Review - In February, plastics were slightly stronger than PP. In March, the peak season started, downstream开工 increased, and the demand side was strengthened. Mid - to late - March saw high - level maintenance ease supply pressure, and the cost side rebounded. PP05 was supported at 7300, and LLDPE fluctuated around 7700 [11]. - In the spot market, LLDPE monthly average price was 8197 yuan/ton, down 1.35% month - on - month and 0.91% year - on - year. LDPE was 9976 yuan/ton, down 1.60% month - on - month and up 7.80% year - on - year. HDPE prices varied. PP in East China had a drawstring average of 7347.25 yuan/ton, down 0.72% month - on - month and 1.38% year - on - year, and copolymer was 7593.25 yuan/ton, down 0.94% month - on - month and 0.04% year - on - year [12]. 3. Fundamental Analysis 3.1 Supply - In March 2025, PP production was estimated at 3.2833 million tons, up 11.52% month - on - month and 13.64% year - on - year. The cumulative production from January to March was 9.5209 million tons, up 12.13% year - on - year. The PP plant operating rate was estimated at 79.66%, up 0.58 percentage points from February [12]. - PE production in March was estimated at 2.6685 million tons, up 7.06% month - on - month and 12.1% year - on - year. The operating rate was estimated at 81.97%, down 1.72 percentage points from last month. There were some PE plant overhauls in March [13]. - New polyolefin production capacities are planned to be put into operation in 2025, with many concentrated in the first half of the year [25][26]. 3.2 Import and Export - In February 2025, PE imports were 1.3252 million tons, up 9.43% month - on - month and 27% year - on - year. PP imports were 307,900 tons, up 15.93% month - on - month. From January to February, PP exports increased significantly, while PE exports decreased [27]. - In March, the import window was difficult to open, and PP exports were expected to remain high [27]. 3.3 Inventory - Currently in the destocking cycle, inventory pressure was prominent in the early stage and eased in the middle and late stages. By the end of March, PP producer inventory decreased by 6.13% month - on - month, and trader inventory decreased by 16.46% month - on - month. PE social sample average inventory decreased by 2.69% month - on - month and 17.53% year - on - year [36]. 3.4 Cost and Profit - Coal: In the off - season, coal prices were under pressure, but there was support during the spring inspection in April [43]. - Crude oil: OPEC+ supply decreased, and US sanctions tightened supply. Oil prices were expected to bottom out and rebound [43]. - Oil - based production: Losses in oil - based PP decreased, and naphtha - based PE profits increased [44]. - Coal - based production: Profits of coal - based PP and PE increased [44]. - PDH - based production: Losses in PDH - based PP decreased [45]. 3.5 Downstream Demand - In March, downstream开工 continued to increase, but subsequent orders were insufficient. PP downstream开工 increased, but demand support was limited [51][54]. - From January to February 2025, the domestic sales market was good. After the national subsidy policy was extended, consumer sentiment was cautious. In April, the production of air - conditioners increased, while that of refrigerators decreased and that of washing machines slightly increased [62]. 4. Outlook - In the short term, it is a volatile market as maintenance eases supply pressure and cost support exists. In the long term, supply pressure and tariff impacts may drag down prices, so a short - selling strategy is recommended [7][70].