Report Industry Investment Ratings - Iron ore: Support remains as the macro risk appetite has not significantly declined [2][4] - Rebar: Wide - range oscillation [2][6] - Hot - rolled coil: Wide - range oscillation [2][6] - Ferrosilicon: Weak oscillation due to weak sector sentiment [2][10] - Silicomanganese: Weak oscillation due to weak sector sentiment [2][10] - Coke: Bullish oscillation [2][15] - Coking coal: Bullish oscillation [2][15] - Logs: Repeated oscillation [2][18] Core Views - The report provides investment ratings and trend analysis for various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs, based on their fundamentals and macro - industry news. Summaries by Commodity Iron Ore - **Fundamentals**: Relevant data is tracked from Mysteel, Dongcai Choice, and the research institute [4] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [4] - **Trend strength**: 1, indicating a relatively positive trend [4] Rebar and Hot - rolled Coil - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, RB2510's yesterday's closing price was 3,188 yuan/ton, down 13 yuan/ton (- 0.41%); HC2510's was 3,439 yuan/ton, up 7 yuan/ton (0.20%) [6] - **Macro - industry news**: In early August 2025, key steel enterprises' average daily production of crude steel increased by 4.7%, pig iron by 3.2%, and steel decreased by 4.1%. Their steel inventory increased by 2.0% compared to the previous ten - day period. On August 14, steel production, inventory, and apparent demand data showed different trends [6][8] - **Trend strength**: 0 for both, indicating a neutral trend [8] Ferrosilicon and Silicomanganese - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, and various spreads. For example, the closing price of ferrosilicon 2509 was 5,754 yuan/ton, up 10 yuan/ton [10] - **Macro - industry news**: In July 2025, China's crude steel output decreased by 4.0% year - on - year. As of August 16, the total manganese ore inventory decreased by 1.65 million tons compared to the previous period [10][14] - **Trend strength**: 0 for both, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, the closing price of JM2601 was 1,230 yuan/ton, up 16 yuan/ton (1.3%) [15] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [16] - **Trend strength**: 0 for both, indicating a neutral trend [17] Logs - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot - futures spreads, and various spreads of different log products. For example, the closing price of the 2509 contract was 815, with a daily increase of 0.7% [19] - **Macro - industry news**: In July 2025, M2 balance increased by 8.8% year - on - year, and M1 balance increased by 5.6% year - on - year [21] - **Trend strength**: 0, indicating a neutral trend [21]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - LPG has a reasonable short - term valuation and will operate in a volatile manner [1]. - The supply - demand of propylene is tightening, and its price has certain support [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **LPG Futures Prices**: PG2509 closed at 3,861 yesterday with a daily increase of 0.08%, and 3,872 in the night session with a night - session increase of 0.28%. PG2510 closed at 4,332 yesterday with a daily increase of 0.56%, and 4,331 in the night session with a night - session decrease of 0.02%. PL2601 closed at 6,492 yesterday with a daily increase of 0.06%, and 6,475 in the night session with a night - session decrease of 0.26%. PL2602 closed at 6,525 yesterday with a daily increase of 0.18%, and remained at 6,525 in the night session [1]. - **LPG Trading Volume and Open Interest**: For PG2509, the trading volume yesterday was 75,971, an increase of 10,341 compared to the previous day, and the open interest was 73,799, a decrease of 7,159. For PG2510, the trading volume was 47,247, an increase of 7,426, and the open interest was 97,481, a decrease of 213. For PL2601, the trading volume was 789, a decrease of 128, and the open interest was 4,132, a decrease of 79. For PL2602, the trading volume was 7, a decrease of 30, and the open interest was 859, a decrease of 1 [1]. - **LPG Price Spreads**: The spread between Guangzhou domestic gas and PG09 contract was 519 yesterday, compared to 522 the previous day. The spread between Guangzhou imported gas and PG09 contract was 609 yesterday, compared to 602 the previous day. The spreads between Shandong, East China, and South China propylene and PL01 contract were - 67, - 67, and - 117 respectively yesterday, compared to - 13, - 63, and - 113 the previous day [1]. - **LPG Industry Chain Data**: The PDH operating rate this week was 76.3%, up from 73.8% last week. The MTBE operating rate was 63.4%, down from 66.6%. The alkylation operating rate was 49.0%, down from 50.0% [1]. 3.2 Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5]. 3.3 Market Information - **Saudi CP Expectations**: On August 14, 2025, the September Saudi CP expectation for propane was 521 US dollars/ton, a 2 - dollar/ton increase from the previous trading day; for butane, it was 491 US dollars/ton, also a 2 - dollar/ton increase. The October Saudi CP expectation for propane was 534 US dollars/ton, unchanged from the previous trading day; for butane, it was 504 US dollars/ton, also unchanged [6]. - **Domestic PDH Device Maintenance Plans**: Multiple companies such as Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd. have PDH device maintenance plans, with some start times and end times determined and some to be determined [7]. - **Domestic LPG Factory Device Maintenance Plans**: Many domestic LPG factories in Shandong, Northeast, North China, East China, South China, and other regions have maintenance plans, including full - plant maintenance, alkylation unit maintenance, and catalytic device maintenance, with different start and end times and durations [7].

Report Industry Investment Rating - The manganese - silicon sector has a weak sentiment and is expected to fluctuate weakly [1] Core View - The report provides the latest data on silicon - iron and manganese - silicon fundamentals, including futures prices, trading volumes, open interests, spot prices, and price differences. It also presents relevant macro and industry news [1][2] Summary by Related Catalogs Fundamental Tracking - **Futures Data**: For silicon - iron, the 2509 contract closed at 5744 yuan, down 50 yuan from the previous trading day, with a trading volume of 92,937 and an open interest of 72,388; the 2510 contract closed at 5724 yuan, down 54 yuan, with a trading volume of 73,995 and an open interest of 58,183. For manganese - silicon, the 2509 contract closed at 6050 yuan, down 24 yuan, with a trading volume of 177,497 and an open interest of 172,038; the 2510 contract closed at 6054 yuan, down 32 yuan, with a trading volume of 45,940 and an open interest of 48,032 [1] - **Spot Data**: The spot price of silicon - iron (FeSi75 - B) in Inner Mongolia is 5450 yuan/ton; the spot price of silicon - manganese (FeMn65Si17) in Inner Mongolia is 5800 yuan/ton; the price of manganese ore (Mn44 block) is 40.3 yuan/ton - degree; the price of semi - coke (small material) in Shenmu is 620 yuan/ton [1] - **Price Difference Data**: The spot - 09 futures price difference of silicon - iron is - 294 yuan/ton, up 50 yuan; the spot - 09 futures price difference of manganese - silicon is - 250 yuan/ton, up 24 yuan [1] Macro and Industry News - On August 14, the price range of 72 silicon - iron in different regions: 5400 - 5500 yuan/ton in Shaanxi, 5500 - 5600 yuan/ton in Ningxia, 5400 - 5500 yuan/ton in Qinghai, 5500 - 5600 yuan/ton in Gansu, and 5500 - 5600 yuan/ton in Inner Mongolia. The price range of 75 silicon - iron: 5850 - 5900 yuan/ton in Shaanxi (+50), 5800 - 5850 yuan/ton in Ningxia, 5750 - 5800 yuan/ton in Qinghai, 5800 - 5850 yuan/ton in Gansu, and 5800 - 5850 yuan/ton in Inner Mongolia. The FOB price of 72 silicon - iron is 1040 - 1060 dollars/ton (+10), and that of 75 is 1100 - 1130 dollars/ton (+10). The northern quotation of 6517 silicon - manganese is 5850 - 5950 yuan/ton, and the southern quotation is 5900 - 6000 yuan/ton [2] - Hegang has finalized the purchase price of 75B silicon - iron in August at 6030 yuan/ton, up 430 yuan/ton from July, with a quantity of 2835 tons, an increase of 135 tons from July. A steel mill in Zhejiang set the price of silicon - manganese at 6122 yuan/ton (acceptance, tax - included, delivered to the factory, based on the standard), with a purchase volume of 1000 tons. A steel mill in Jiangxi set the price of 6517 silicon - manganese at 6180 yuan/ton (based on the standard, acceptance, tax - included, delivered to the factory), up 80 yuan/ton from the beginning - of - month price [2] Trend Intensity - The trend intensity of silicon - iron is 0, and that of manganese - silicon is 0, with the range of trend intensity being integers in the [- 2,2] interval [3]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Report's Core View - The overall view of the peanut market is "near - strong, far - weak". The peanut trend intensity is 0, indicating a neutral stance [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The prices of important peanut varieties such as Liaoning 308, Henan Baisha, Xingcheng Xiaoriben, and Sudan refined rice remained unchanged at 8,200 yuan/ton, 8,160 yuan/ton, 8,060 yuan/ton, and 8,775 yuan/ton respectively [1]. - **Futures Prices**: PK510 closed at 8,116 yuan/ton with a daily increase of 0.47%, and PK511 closed at 7,988 yuan/ton with a daily increase of 0.73% [1]. - **Trading Volume and Open Interest**: PK510 had a trading volume of 64,410 lots (an increase of 35,782 lots) and an open interest of 89,499 lots (a decrease of 6,193 lots); PK511 had a trading volume of 72,641 lots (an increase of 39,589 lots) and an open interest of 93,792 lots (an increase of 427 lots). The total trading volume of the peanut market was 167,497 lots (an increase of 94,598 lots), and the total open interest was 229,647 lots (a decrease of 3,660 lots) [1]. - **Warehouse Receipts**: The total number of peanut warehouse receipts in the market was 0, with no change [1]. - **Price Spreads**: The basis of Liaoning 308 was 84 yuan/ton, Henan Baisha was 44 yuan/ton, Xingcheng Xiaoriben was - 56 yuan/ton, Sudan refined rice was 659 yuan/ton, and the 10 - 11 inter - period spread was 128 yuan/ton [1]. 3.2 Spot Market Focus - In Henan, new peanuts in some areas are gradually coming onto the market. The prices are stable with limited trading. In Jilin, it is mainly inventory trading, and the prices are generally stable. New peanuts such as Silihong are expected to be listed in mid - to - late September, and 308 is expected to be listed around mid - October. In Liaoning, the raw material acquisition at the grass - roots level has ended, and it is mainly inventory trading with stable prices. In Shandong, it is mainly cold - storage peanut trading, and most areas are in the final stage of trading with limited inventory [2]. 3.3 Trend Intensity - The peanut trend intensity is 0, indicating a neutral market outlook, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - The report provides trend forecasts for various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs, with investment advice such as "oscillating repeatedly," "broadly oscillating," and "bullishly oscillating" [5][10][14]. Summary by Commodity Iron Ore - **Trend Forecast**: Oscillating repeatedly [5]. - **Fundamental Data**: The previous day's futures closing price was 796.5 yuan/ton, up 6.5 yuan or 0.82% from the previous day; the previous day's position was 271,889 lots, a decrease of 36,188 lots; spot prices of imported and domestic ores all increased [6]. - **Macro and Industry News**: On August 9, according to the National Bureau of Statistics, the national consumer price index was flat year-on-year in July [6]. - **Trend Intensity**: -1 [6]. Rebar and Hot-Rolled Coils - **Trend Forecast**: Broadly oscillating due to sector sentiment resonance [10]. - **Fundamental Data**: The previous day's futures closing prices of RB2510 and HC2510 were 3,250 yuan/ton and 3,465 yuan/ton, up 1.09% and 1.29% respectively; spot prices in various regions showed different degrees of increase or remained unchanged [10]. - **Macro and Industry News**: In late July 2025, the steel inventory of key steel enterprises decreased by 5.6% month-on-month; in July, automobile production and sales decreased month-on-month but increased year-on-year; in late July, the average daily output of key steel enterprises' crude steel decreased by 7.4% month-on-month, pig iron decreased by 4.5% month-on-month, and steel increased by 0.5% month-on-month; according to the weekly data of Steel Union on August 7, the output of rebar increased by 10.12 tons, hot-rolled coils decreased by 7.9 tons, and the total inventory of the five major varieties increased by 23.47 tons [11][12]. - **Trend Intensity**: 1 for both rebar and hot-rolled coils [12]. Ferrosilicon and Silicomanganese - **Trend Forecast**: Broadly oscillating [14]. - **Fundamental Data**: The previous day's futures closing prices of ferrosilicon 2509 and 2510 were 5,830 yuan/ton and 5,820 yuan/ton respectively; the previous day's futures closing prices of silicomanganese 2509 and 2510 were 6,100 yuan/ton and 6,112 yuan/ton respectively; spot prices of ferrosilicon and silicomanganese in Inner Mongolia were 5,450 yuan/ton and 5,800 yuan/ton respectively [14]. - **Macro and Industry News**: On August 8, the price of 72 ferrosilicon in Qinghai decreased by 100 yuan/ton, and the price of 75 ferrosilicon in Gansu increased by 50 yuan/ton; the price of 6517 silicomanganese in the north was 5,850 - 5,950 yuan/ton, and in the south was 5,900 - 6,000 yuan/ton; as of August 8, the total manganese ore inventory increased by 8.83 tons month-on-month [15]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [16]. Coke and Coking Coal - **Trend Forecast**: Bullishly oscillating [17]. - **Fundamental Data**: The previous day's futures closing prices of JM2509 and J2509 were 1,106.5 yuan/ton and 1,681 yuan/ton, up 3.5% and 1.7% respectively; most spot prices remained unchanged [17]. - **Macro and Industry News**: On August 9, according to the National Bureau of Statistics, the national consumer price index was flat year-on-year in July [18]. - **Trend Intensity**: 0 for both coke and coking coal [19]. Logs - **Trend Forecast**: Oscillating repeatedly [20]. - **Fundamental Data**: The closing prices, trading volumes, and positions of the 2509, 2511, and 2601 contracts showed different degrees of increase or decrease; most spot prices remained unchanged [21]. - **Macro and Industry News**: On August 9, according to the National Bureau of Statistics, the national consumer price index was flat year-on-year in July [23]. - **Trend Intensity**: 1 [23].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For nickel, it is expected to trade in a narrow - range with limited upside and downside, and investors should focus on range - bound trading and double - selling option strategies. The support from the ore end is weakening, and the smelting end restricts price elasticity. [4] - For stainless steel, the price is expected to oscillate as the multi - empty game intensifies. Bulls focus on macro - expectations and marginal improvements, while bears focus on weak reality and short - term valuations. [5] - For industrial silicon, it is recommended to short at high levels in the short term, following coking coal in the short run, and pay attention to the upstream factory resumption rhythm. [28][33] - For polysilicon, the market sentiment has cooled, and the price may correct. It is recommended to buy on dips in the third quarter. [28][34] - For lithium carbonate, due to the shutdown of the Jianxiawo mine, the price is expected to rise. If overseas supply increases to fill the gap, the price may fall after the project resumes. [54][56] - For palm oil, with strong supply and demand in the producing areas, the strategy is to go long on dips. [2][71] - For soybean oil, new export drivers have emerged, and investors should pay attention to the results of Sino - US negotiations. [2][72] 3. Summaries by Related Catalogs Nickel and Stainless Steel Market Outlook - Nickel price is expected to trade in a narrow range, with limited upside due to increasing global refined nickel inventory and long - term low - cost supply expectations, but difficult to fall sharply in the short term. [4] - Stainless steel price will oscillate as the multi - empty game intensifies, with bulls and bears having different focuses. [5] Inventory Changes - Chinese refined nickel social inventory decreased by 536 tons to 38,578 tons, while LME nickel inventory increased by 5,160 tons to 209,082 tons. [6][7] - Nickel - iron inventory at the end of July decreased by 10% month - on - month but increased by 56% year - on - year. [8] - Stainless steel social total inventory decreased by 0.44% week - on - week. [8] Market News - Multiple events such as potential export restrictions, project startups, environmental violations, and policy changes in Indonesia have occurred. [9][10] Industrial Silicon and Polysilicon Price Trends - Industrial silicon futures oscillated strongly, while spot prices declined. Polysilicon futures rose and then fell, and spot transactions showed no significant improvement. [28] Supply and Demand Fundamentals - Industrial silicon industry inventory turned to accumulation, with increased production in the southwest and northwest regions. The demand from polysilicon and organic silicon sectors increased marginally. [29][30] - Polysilicon supply increased in the short term, and inventory started to accumulate. The demand from the silicon wafer sector increased slightly, but the upstream price increase was not smoothly transmitted to the downstream. [30][31] Market Outlook - Industrial silicon: Pay attention to the upstream factory resumption rhythm, and it is recommended to short at high levels. The expected price range next week is 8,200 - 9,000 yuan/ton. [32][33] - Polysilicon: The price may correct, and it is recommended to buy on dips in the third quarter. The expected price range next week is 47,000 - 54,000 yuan/ton. [34] Lithium Carbonate Price Trends - Lithium carbonate futures prices increased significantly, and the basis of long - term contracts turned negative. [54] Supply and Demand Fundamentals - The Jianxiawo mine of CATL will stop production, and there is no short - term resumption plan. The supply of lithium concentrate and lithium carbonate from overseas increased, and the demand from the new energy vehicle and energy storage markets continued to recover. The social inventory increased, with upstream de - stocking and downstream inventory accumulation. [55] Market Outlook - The price is expected to rise due to the mine shutdown. If overseas supply fills the gap, the price may fall after the project resumes. The expected price range of the futures main contract is 75,000 - 100,000 yuan/ton. [56][57] Palm Oil and Soybean Oil Market Outlook - Palm oil: With strong supply and demand in the producing areas, the strategy is to go long on dips. [2][71] - Soybean oil: New export drivers have emerged, and investors should pay attention to the results of Sino - US negotiations. [2][72]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - Fuel oil has weakened again and is expected to show a short - term volatile trend. Low - sulfur fuel oil continues to be weaker than high - sulfur fuel oil, and the spot price spread between high - and low - sulfur fuel oil in the overseas market maintains a downward trend [1]. Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking Futures - **Prices**: For FU2509, the closing price was 2,826 yuan/ton with a daily decline of 0.32%, and the settlement price was 2,833 yuan/ton with an increase of 0.50%. For FU2510, the closing price was 2,842 yuan/ton with an increase of 0.50%, and the settlement price was 2,846 yuan/ton with an increase of 0.28%. For LU2509, the closing price was 3,510 yuan/ton with a decline of 0.99%, and the settlement price was 3,520 yuan/ton with a decline of 0.34%. For LU2510, the closing price was 3,526 yuan/ton with a decline of 0.34%, and the settlement price was 3,545 yuan/ton with an increase of 0.28% [1]. - **Trading Volume and Open Interest**: For FU2509, the trading volume was 326,249 lots with an increase of 64,490 lots, and the open interest was 134,066 lots with a decrease of 1,234 lots. For FU2510, the trading volume was 154,380 lots with an increase of 60,703 lots, and the open interest was 88,717 lots with an increase of 5,039 lots. For LU2509, the trading volume was 2,534 lots with an increase of 107 lots, and the open interest was 7,930 lots with a decrease of 946 lots. For LU2510, the trading volume was 78,746 lots with an increase of 9,518 lots, and the open interest was 49,228 lots with a decrease of 1,027 lots [1]. - **Warehouse Receipts**: The total market warehouse receipts of fuel oil (FU) were 92,710 with a decrease of 15,000, and for low - sulfur fuel oil (LU) were 26,050 with a decrease of 14,000 [1]. Spot Prices - **Singapore MOPS**: The price of high - sulfur (3.5%S) was 403.5 US dollars/ton with a daily decline of 0.76%, and the price of low - sulfur (0.5%S) was 488.0 US dollars/ton with a daily decline of 1.52% [1]. - **Singapore Bunker**: The price of high - sulfur (3.5%S) was 417.0 US dollars/ton with a daily decline of 0.71%, and the price of low - sulfur (0.5%S) was 503.0 US dollars/ton with a daily decline of 1.37% [1]. - **Other Bunker Markets**: Similar price declines were observed in other bunker markets such as Fujeirah, AJ, Shanghai, Tokyo, and South Korea [1]. Spreads - **Contract Spreads**: The FU09 - 10 spread was - 16 yuan/ton, and the settlement spread was - 13 yuan/ton with a difference of 3 yuan/ton. The LU09 - 10 spread was - 16 yuan/ton, and the settlement spread was - 25 yuan/ton with a difference of - 9 yuan/ton. The LU09 - FU09 spread was 684 yuan/ton, and the settlement spread was 687 yuan/ton with a difference of 3 yuan/ton [1]. - **Other Spreads**: The FU2509 - Singapore MOPS (3.5%S) spread was - 70.5 yuan/ton, with a change of 13.1 yuan/ton compared to the previous day. The LU2509 - Singapore MOPS (0.5%S) spread was 7.1 yuan/ton, with a change of 19.1 yuan/ton compared to the previous day. The Singapore MOPS (0.5%S - 3.5%S) spread was 84.5 US dollars/ton, with a decline of 4.5 US dollars/ton compared to the previous day [1]. 2. Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0, indicating a neutral view on both [1].

Report Industry Investment Rating - The investment rating for the asphalt industry is "Oscillating weakly" [1] Core Viewpoints - The asphalt market shows an oscillating and weakly downward trend, with a trend strength of 0 [1][11] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing prices of BU2509 and BU2510 decreased; trading volume and open interest had different changes, with BU2509's trading volume and open interest decreasing, and BU2510's trading volume and open interest increasing; the total market asphalt warehouse receipts remained unchanged [2] - **Spread Data**: The basis (Shandong - 09), 09 - 10 inter - period spread, Shandong - South China spread, and East China - South China spread had different changes [2] - **Spot Market Data**: Shandong and Yangtze River Delta wholesale prices had different changes; refinery operating rates decreased by 0.07%, and refinery inventory rates decreased by 0.20% [2] Market Information - **Shipment Volume**: From July 30 to August 5, 2025, the total shipment volume of 54 domestic asphalt enterprises was 418,000 tons, a month - on - month decrease of 0.2%. Shandong's shipment volume decreased, while East China's increased [17] - **Capacity Utilization Rate**: From July 31 to August 6, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 31.7%, a month - on - month decrease of 1.4% due to factors such as refinery production changes [17]

Group 1: Report Industry Investment Ratings - No industry investment ratings are mentioned in the report. Group 2: Core Views of the Report - The report provides trend predictions and fundamental data for various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs. The trends include oscillating repeatedly, wide - range fluctuations due to sector sentiment resonance or market information disturbances, and strong - side oscillations [2]. Group 3: Summaries by Commodity Iron Ore - **Trend**: Oscillating repeatedly [2][6] - **Fundamentals**: The previous day's futures closing price was 798.5 yuan/ton, up 8 yuan/ton with a 1.01% increase. The previous day's position decreased by 18,144 hands. Spot prices of various iron ore types increased, with the exception of domestic ores in some regions. The trend strength is 0 [5]. - **News**: In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [5]. Rebar and Hot - Rolled Coils - **Trend**: Wide - range fluctuations due to sector sentiment resonance [2][8][9] - **Fundamentals**: For rebar RB2510, the previous day's closing price was 3,233 yuan/ton, up 44 yuan/ton (1.38%); for hot - rolled coil HC2510, it was 3,457 yuan/ton, up 64 yuan/ton (1.89%). Production, inventory, and apparent demand data for rebar and hot - rolled coils in the week of July 31st showed different trends. The trend strength for both is 0 [8][9][10]. - **News**: In July, the manufacturing PMI declined. Other news includes steel production data from key steel enterprises in mid - July and price - related regulations [10][11]. Ferrosilicon and Silicomanganese - **Trend**: Wide - range fluctuations due to market information disturbances [2][13] - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese increased. Spot prices of silicomanganese in Inner Mongolia increased by 80 yuan/ton, while the price of manganese ore decreased by 0.5 yuan/ton - degree. The trend strength for both is 0 [13]. - **News**: There are price quotes for ferrosilicon and silicomanganese from different regions, steel mill procurement information, and news about electricity prices and manganese ore shipment prices [14][15][17]. Coke and Coking Coal - **Trend**: Strong - side oscillations [2][18] - **Fundamentals**: The previous day's futures prices of coking coal JM2509 and coke J2509 increased by 2.9% and 1.2% respectively. Spot prices of some coking coal and coke types changed. The trend strength for both is 0 [19]. - **News**: In July, the manufacturing PMI declined [20]. Logs - **Trend**: Oscillating repeatedly [2][22] - **Fundamentals**: Futures prices of different log contracts showed different trends in terms of closing prices, trading volumes, and positions. Spot prices of various log types remained mostly stable. The trend strength is 1 [23][25]. - **News**: In July, the manufacturing PMI declined [25].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The report focuses on the fundamentals of LPG and propylene, including futures prices,持仓&成交, spreads, and key industrial chain data. It also provides market information such as Saudi CP expectations and domestic device maintenance plans [2][11] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: PG2509 closed at 3,965 with a daily decline of 0.95% and a night - session close of 3,923 with a decline of 1.06%; PG2510 closed at 4,404 with a daily decline of 0.83% and a night - session close of 4,367 with a decline of 0.84%; PL2601 closed at 6,474 with a daily decline of 1.08% and a night - session close of 6,460 with a decline of 0.22%; PL2602 closed at 6,561 with a daily decline of 0.73% and a night - session close of 6,521 with a decline of 0.61% [2] - **持仓&成交**: For PG2509, the trading volume was 67,049 (a decrease of 64,479) and the open interest was 89,961 (an increase of 4,242); for PG2510, the trading volume was 19,509 (a decrease of 11,819) and the open interest was 65,630 (a decrease of 737); for PL2601, the trading volume was 3,454 (an increase of 1,111) and the open interest was 4,575 (a decrease of 125); for PL2602, the trading volume was 77 (a decrease of 125) and the open interest was 1,127 (a decrease of 29) [2] - **Spreads**: The spread between Guangzhou domestic gas and PG09 contract was 405 (previous day: 397); the spread between Guangzhou imported gas and PG09 contract was 435 (previous day: 427); the spreads between Shandong, East China, and South China propylene and PL01 contract were - 269, - 124, and - 149 respectively (previous day: - 300, - 195, - 220) [2] - **Key Industrial Chain Data**: This week, the PDH operating rate was 72.6% (last week: 73.1%), the MTBE operating rate was 67.8% (last week: 69.0%), and the alkylation operating rate was 48.8% (last week: 46.9%) [2] 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [10] 3.3 Market Information - **Saudi CP Expectations**: On July 31, 2025, the expected price of propane in September was 528 US dollars/ton, up 5 US dollars/ton from the previous trading day; the expected price of butane was 498 US dollars/ton, down 10 US dollars/ton from the previous trading day. The expected price of propane in October was 543 US dollars/ton, up 5 US dollars/ton from the previous trading day; the expected price of butane was 513 US dollars/ton, down 10 US dollars/ton from the previous trading day [11] - **Domestic PDH Device Maintenance Plans**: Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined; Jiangsu Yanchang Zhongran Chemical Co., Ltd. starting maintenance in late November 2023, with the end time to be determined, etc. [12] - **Domestic Liquefied Gas Factory Device Maintenance Plans**: Many domestic liquefied gas factories have device maintenance plans, including Shandong's Shengli Heavy Oil, Haike Ruilin, etc., with different maintenance start and end times and loss volumes [12]