Group 1 - The article discusses the conflicting inventory data in the oil market and questions the validity of OPEC+'s assertion of a "healthy market" [1] - It raises inquiries about OPEC+'s intentions behind increasing production levels and what they aim to achieve with this strategy [1]

Report Industry Investment Rating No relevant information provided. Core Views Polyolefin Industry - LL: In May, maintenance increases and imports decrease. If the exemption of ethane imports weakens the expectation of supply reduction, attention should be paid to the demand situation after May. Under the situation of weak supply and demand, the inventory pressure is still large, and there is a possibility of decline in the long - term pattern [4]. - PP: In the second quarter, the peak maintenance season eases the supply pressure slightly, but the output is still high. The demand has bottom support but is gradually weakening. The long - term pattern is weak, and there is a downward risk [4]. Styrene Industry - The market price of pure benzene continues to decline. The raw material trend is weak, and the downstream styrene futures are also weak. The supply of pure benzene has returned, and there is no sign of improvement. The styrene market is weakly volatile, and there is supply pressure in May. In the medium term, due to the impact of tariffs, there is price pressure on styrene. The strategy is to participate in high - altitude operations, with the upper resistance line at 7300 [11]. Polyester Industry - PX: The short - term trading may be stronger, and the strategy is to focus on expanding the low - level spread of PX - SC. - PTA: The supply and demand drive becomes stronger, and the price support is relatively strong. The strategy is to wait and see before the festival, and treat TA9 - 1 as a short - term positive spread and a medium - term reverse spread. - Ethylene glycol: It is expected to fluctuate in May. The strategy is that EGO9 is expected to fluctuate between 4050 - 4300. - Short - fiber: The rebound space is limited, and it will be mainly adjusted by shock before the festival. The strategy is similar to PTA for one - side trading, and pay attention to the opportunity to expand the processing fee of PFO6 below 900. - Bottle chips: The output is expected to be high, and the relative price follows the raw material fluctuations. The strategy is similar to PTA for one - side trading, and the main contract processing fee is expected to fluctuate between 350 - 550 yuan/ton [16]. PVC and Caustic Soda Industry - Caustic soda: The short - term supply and demand improve marginally, but the long - term expectation is weak. It is recommended to wait and see before the festival, and mainly go short in the medium - term for the 09 contract. - PVC: The start - up rate increases slightly, and the social inventory continues to decline seasonally. The demand is average, and there are problems in exports. The short - term operation should be cautious, and the medium - and long - term strategy is to participate in high - altitude operations [24]. Urea Industry - The main problem is the poor connection between supply and demand under the background of high supply. The supply pressure is increasing. The demand shows structural differentiation. The main contract 2509 may have a small rebound after the festival. It is recommended to wait and see before the festival, and take a short - selling strategy on rallies after the festival if there is a small rebound and no obvious improvement in the fundamentals. The option strategy is to buy and expand the spread in the short - term [30][31]. Crude Oil Industry - The overnight oil price was weakly running, pressured by macro - pressure and supply - side easing expectations. If the consumption end fails to replenish stocks in May, the downward channel of the market may further open. It is recommended to wait and see before the festival. The volatility ranges are given as [59, 69] for WTI, [62, 72] for Brent, and [460, 520] for SC. The option strategy is to focus on increasing volatility [49]. Summary by Relevant Catalogs Polyolefin Industry PE and PP Prices and Spreads - L2505, L2509, PP2505, PP2509 closing prices decreased on April 29 compared with April 28, with the largest decline of - 0.59% for L2509. The spreads between different contracts and the basis also changed, such as the spread of L2505 - 2509 increased by 5.82% [1]. PE and PP Non - standard Prices - The price of East China LDPE increased by 1.09% to 9250 yuan/ton, while the prices of other non - standard products such as East China HD film and PP injection showed different degrees of change [2]. PE and PP Upstream and Downstream Operating Rates and Inventories - PE device operating rate decreased slightly by 0.07% to 83.8%, and the downstream weighted operating rate increased slightly by 0.02% to 40.2%. PE enterprise inventory increased by 3.41% to 49.7 million tons, and social inventory decreased by 2.52% to 60.1 million tons. PP device operating rate decreased by 3.3% to 75.5%, and the downstream weighted operating rate decreased by 0.4% to 50.1%. PP enterprise inventory decreased by 2.37% to 60.4 million tons [2][3]. Styrene Industry Styrene Upstream - Brent crude oil (June) and CFR Japan naphtha prices decreased on April 29 compared with April 28, with decreases of - 2.4% and - 1.0% respectively. The prices of other upstream products such as CFR Northeast Asia ethylene and CFR Korea benzene also changed [8]. Styrene Spot and Futures - The East China spot price of styrene decreased by - 0.2% to 7250 yuan/ton on April 29 compared with April 28. The prices of EB2505 and EB2506 also decreased slightly [9]. Styrene Overseas Quotes and Import Profits - The overseas quotes of styrene remained unchanged on April 29 compared with April 28, and the import profit was - 243 yuan/ton [10]. Styrene Industry Chain Operating Rates and Profits - The domestic comprehensive operating rate of pure benzene increased by 1.1% to 71.1%, and the styrene operating rate increased by 1.7% to 67.9%. However, the operating rates of PS, EPS, and ABS decreased. The profits of styrene integration and non - integration decreased significantly, while the profit of PS increased by 133.3% [11]. Polyester Industry Downstream Polyester Product Prices and Cash Flows - The prices of downstream polyester products such as POY150/48, FDY150/96, and polyester bottle chips showed different degrees of change on April 29 compared with April 28. The cash flows of some products also changed, such as the cash flow of POY150/48 decreased by - 35.6% [16]. PX - related Prices and Spreads - The prices of PX - related products such as CFR China PX and PX spot price (RMB) decreased slightly on April 29 compared with April 28, and the spreads also changed [16]. PTA - related Prices and Spreads - The PTA East China spot price decreased by - 1.0% to 4540 yuan/ton on April 29 compared with April 28. The prices of TA futures also changed, and the basis and spreads between different contracts also showed corresponding changes [16]. MEG - related Prices and Spreads - MEG port inventory increased by 3.2% to 800,000 tons, and the expected arrival decreased by 37.8% to 122,000 tons on April 21 compared with April 28. The prices of MEG futures and the basis also changed [16]. Polyester Industry Chain Operating Rate Changes - The operating rates of different links in the polyester industry chain such as Asian PX, PTA, and MEG showed different degrees of change on April 25 compared with April 18 [16]. PVC and Caustic Soda Industry PVC and Caustic Soda Spot and Futures - The prices of Shandong 32% liquid caustic soda and East China ethylene - based PVC remained unchanged on April 29 compared with April 28, while the prices of other products such as Shandong 50% liquid caustic soda and PVC futures contracts changed [20]. Caustic Soda Overseas Quotes and Export Profits - The FOB East China port price of caustic soda decreased by 7.0% to 400 US dollars/ton on April 24 compared with April 17, and the export profit decreased significantly by - 125.8% [20]. PVC Overseas Quotes and Export Profits - The overseas quotes of PVC remained unchanged on April 24 compared with April 17, and the export profit increased by 90.5% [21]. Supply: Chlor - alkali Operating Rates and Industry Profits - The operating rates of caustic soda and PVC increased slightly on April 25 compared with April 18. The profit of external - purchase calcium - carbide - based PVC remained unchanged, while the profit of Northwest integration decreased by 6.8% [22]. Demand: Caustic Soda Downstream Operating Rates - The operating rates of caustic soda downstream industries such as alumina and viscose staple fiber decreased on April 25 compared with April 18 [23]. Demand: PVC Downstream Products Operating Rates - The operating rates of PVC downstream products such as Longzhong sample pipes increased slightly on April 25 compared with April 18, and the pre - sales volume also increased [24]. Chlor - alkali Inventories: Social and Factory Inventories - The liquid caustic soda inventory in East China factories decreased by 1.1% to 183,000 tons on April 24 compared with April 17, and the PVC total social inventory decreased by 4.7% to 421,000 tons [24]. Urea Industry Urea Futures Contracts - The prices of urea futures contracts such as 01, 05, and 09 decreased on April 29 compared with April 28, and the spreads between different contracts also changed [26]. Urea Upstream Raw Materials - The prices of upstream raw materials such as anthracite small pieces and steam coal remained unchanged on April 29 compared with April 28, while the price of synthetic ammonia decreased by 3.21% [26]. Urea Spot Market Prices - The prices of urea in different regions such as Shandong and Henan showed different degrees of change on April 29 compared with April 28, and the spreads between different regions also changed [26]. Urea Downstream Products - The prices of urea downstream products such as melamine and compound fertilizers remained unchanged on April 29 compared with April 28, and the ratio of compound fertilizer to urea decreased by 1.10% [28]. Fertilizer Market - The prices of fertilizers such as ammonium sulfate and phosphoric acid mono - ammonium showed different degrees of change on April 29 compared with April 28 [29]. Urea Supply and Demand Overview - The daily and weekly production of urea remained unchanged, and the factory inventory remained stable. The port inventory increased slightly. The demand showed structural differentiation, with industrial demand maintaining rigid procurement and agricultural fertilization not yet started [30]. Crude Oil Industry Crude Oil Prices and Spreads - Brent, WTI, and SC crude oil prices decreased on April 30 compared with April 29. The spreads between different contracts and regions also changed, such as the spread of Brent M1 - M3 increased significantly by - 2050.00% [49]. Refined Oil Prices and Spreads - The prices of refined oil products such as NYM RBOB and ICE Gasoil changed on April 30 compared with April 29, and the spreads between different contracts also showed corresponding changes [49]. Refined Oil Crack Spreads - The crack spreads of refined oil products in different regions such as the US and Europe showed different degrees of change on April 30 compared with April 29 [49].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The demand expectations for both rebar and hot-rolled coil are poor, and their prices are fluctuating at low levels [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing prices of RB2510 and HC2510 were 3,100 yuan/ton and 3,210 yuan/ton respectively, with daily declines of -1.21% and -1.26%. The trading volumes were 1,627,530 hands and 576,048 hands, and the open interests were 2,017,637 hands and 1,332,134 hands, with open interest changes of -15,299 hands and -28,759 hands [2]. - **Spot Price**: Rebar prices in Shanghai, Hangzhou, and Beijing decreased by 20 yuan/ton, 10 yuan/ton, and 20 yuan/ton respectively, while the price in Guangzhou remained unchanged. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou decreased by 20 yuan/ton, 40 yuan/ton, 20 yuan/ton, and 30 yuan/ton respectively. The price of Tangshan billet remained unchanged [2]. - **Basis and Spread**: The basis of RB2510 and HC2510 increased by 9 yuan/ton and 7 yuan/ton respectively. The spreads of RB2505 - RB2510 and HC2505 - HC2510 increased by 14 yuan/ton and 7 yuan/ton respectively, while the spread of HC2505 - RB2505 decreased by 5 yuan/ton, and the spread of HC2510 - RB2510 increased by 2 yuan/ton. The spot coil-to-rebar spread increased by 1 yuan/ton [2]. 3.2 Macro and Industry News - **Steel Production and Inventory Data (April 25)**: Rebar production decreased by 0.11 million tons, hot-rolled coil production increased by 3.10 million tons, and the total production of five major steel products increased by 3.13 million tons. Rebar inventory decreased by 30.83 million tons, hot-rolled coil inventory decreased by 6.86 million tons, and the total inventory of five major steel products decreased by 50.41 million tons. Rebar apparent demand decreased by 13.88 million tons, hot-rolled coil apparent demand increased by 0.20 million tons, and the total apparent demand of five major steel products decreased by 22.39 million tons [3]. - **Industrial Enterprise Profit Data (January - March)**: The total profit of industrial enterprises above designated size was 1,509.36 billion yuan, a year-on-year increase of 0.8%. Among them, the profit of state-owned holding enterprises was 559.95 billion yuan, a year-on-year decrease of 1.4%; the profit of joint-stock enterprises was 1,110.15 billion yuan, an increase of 0.1%; the profit of foreign and Hong Kong, Macao, and Taiwan-invested enterprises was 388.35 billion yuan, an increase of 2.8%; the profit of private enterprises was 370.97 billion yuan, a decrease of 0.3% [3][4]. 3.3 Trend Intensity The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral view. The range of trend intensity is an integer within [-2, 2], where -2 represents the most bearish view and 2 represents the most bullish view [5].

期货热点追踪 四大粮商集体被告！巴西撤销税收优惠会否推高大豆价格？ 相关链接 ...

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 300.03 points (0.75%) at 40,527.62 points, the Nasdaq up 95.18 points (0.55%) at 17,461.32 points, and the S&P 500 up 32.08 points (0.58%) at 5,560.83 points [1] - Major tech stocks mostly rose, with Tesla up over 2%, Facebook up 0.85%, Microsoft up 0.74%, Apple up 0.51%, and Nvidia up 0.27%. Amazon, however, fell by 0.17% [1] Chinese Stocks - Popular Chinese stocks showed mixed results, with Hesai Technology up over 18%, Linklogis up over 13%, and Suzhou Dongshan Precision Manufacturing up over 9%. New Oriental and Century Internet both rose over 4%. Conversely, DaQin New Energy fell over 13%, Semtech down over 11%, Pony.ai down over 6%, Xiaopeng Motors down over 6%, and JinkoSolar down over 3% [1] European Market - European stock indices had mixed results, with Germany's DAX index up 0.69% at 22,425.83 points, France's CAC40 down 0.24% at 7,555.87 points, and the UK's FTSE 100 up 0.55% at 8,463.46 points [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 0.60% at $3,327.60 per ounce and COMEX silver futures down 0.32% at $33.22 per ounce [1] - International oil prices fell significantly, with WTI crude oil down 3.08% at $60.14 per barrel and Brent crude down 2.76% at $63 per barrel [1] Currency and Debt - At the New York close, the U.S. dollar index rose 0.28% to 99.21, while the offshore RMB against the U.S. dollar increased by 164 basis points to 7.2687 [1] - U.S. Treasury yields fell across the board, with the 2-year yield down 4.08 basis points to 3.6499%, the 3-year yield down 2.53 basis points to 3.6428%, the 5-year yield down 3.63 basis points to 3.7695%, the 10-year yield down 2.89 basis points to 4.1755%, and the 30-year yield down 3.04 basis points to 4.6499% [1] Agricultural Commodities - Chicago futures for agricultural products closed lower across the board, with soybean futures down 0.94% at 1,052.50 cents per bushel, corn futures down 2.59% at 470.75 cents per bushel, and wheat futures down 1.22% at 524.50 cents per bushel [1]

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2025 年 4 月 24 日 锰硅：宏观因素扰动，锰硅宽幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 硅铁：宏观因素扰动，硅铁宽幅震荡 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【宏观及行业新闻】 1、铁合金在线：4 月 23 日硅铁 72#：陕西 5450-5550，宁夏 5500-5600，青海 5500-5600，甘肃 5600-5650，内蒙 5550-5600(-50)；75#硅铁：陕西 6050-6100，宁夏 5950-6050(-100)，青海 6000- 6050，甘肃 6050-6100(-50)，内蒙 6050-6100（现金含税自然块出厂，元/吨）；硅铁 FOB：72#1060- 1090，75#1120-1140(-10)（美元/吨，含税）。硅锰 6517#盘面震荡趋弱，钢招逐步明朗，现货报价 情绪低迷，南北主流在 5700-5800 元/吨区间，稍低价逐步增多。（现金出厂含税报价） 【基本面跟踪】 硅铁、锰硅基本面数据 | 硅铁、锰硅基本面数据 | | | | | | | --- ...

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