【核心矛盾】 昨日焦煤供给端扰动消息并未对盘面形成有效提振，宏观层面的利好消息对市场的带动也较为有限，盘面对 利好因素似乎呈现一定"脱敏"状态，整体表现偏弱。当前市场或已基本消化华北地区阅兵限产预期，钢材超季 节性累库压力压制钢厂利润及钢价反弹空间，进而也制约了成本端的进一步上行。总体来看，盘面走势更多 回归基本面逻辑，对利多消息刺激渐趋平淡，上行阻力较为明显，预计短期或呈现震荡偏弱格局。 螺纹钢、热卷产业风险管理日报 2025/08/27 严志妮 投资咨询证号：Z0022076 投资咨询业务资格：证监许可【2011】1290号 螺纹价格区间预测 | | 01合约区间预测（月度） | 当前波动率 | 波动率百分位 | | --- | --- | --- | --- | | 螺纹钢 | 3000-3300 | 15.97% | 41.1% | | 热卷 | 3200-3500 | 15.81% | 35.28% | source： 南华研究,同花顺 螺纹风险管理策略建议 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例（%） | 建议入 | | --- | --- | --- ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The main contract closed at 805.5 (-5.5), with a reduction of over 2,500 lots. The 09 contract is unlikely to see intense trading due to continuous position - reduction. [3] - Fundamentally, the situation is strengthening marginally. Spot prices have been rising, daily outbound volume remains high, inventory is decreasing and at a low level over the years. The supply - demand pattern is relatively balanced. [3] - Considering the buyer's willingness and the seller's warehouse receipt cost, the current price valuation range is 800 - 840 yuan. When the price is below 800 yuan, buying on the futures market is better than direct import; when it is above 840 yuan, there will be profits from making warehouse receipts. [3] - In terms of trading, when funds enter, the upward possibility is greater than the downward one. The strategy is to mainly go long on dips and supplement with high - selling. The 09 - 11 positive spread arbitrage should exit. [3] 3. Summary by Relevant Catalogs Log Price Range Forecast - The monthly price range forecast for logs is 800 - 840 yuan, with a current 20 - day rolling volatility of 16.28% and a 3 - year historical percentile of 67.4%. [2] Log Hedging Strategy - **Inventory Management**: When log imports are high and inventory is at a high level, and there are concerns about price drops, enterprises with long spot exposure can short log futures (lg2509) with a 25% hedging ratio at an entry range of 820 - 840 yuan to lock in profits and cover production costs. [2] - **Procurement Management**: When the regular procurement inventory is low and enterprises want to purchase according to orders, those with short spot exposure can buy log futures (lg2509) with a 25% hedging ratio at an entry range of 790 - 800 yuan to lock in procurement costs in advance. [2] Core Contradiction - The main contract closed at 805.5 (-5.5), with a reduction of over 2,500 lots. The 09 contract is unlikely to have intense trading. [3] - Fundamentally, the situation is strengthening marginally. Spot prices are rising, daily outbound volume is high, inventory is decreasing and at a low level. The supply - demand pattern is relatively balanced. [3] - The price valuation range is 800 - 840 yuan. The current futures price is in a reasonable range. The strategy is to mainly go long on dips and supplement with high - selling. The 09 - 11 positive spread arbitrage should exit. [3] 利多 and 利空 Factors - **Likely Positive Factors**: Traders have the intention to jointly support prices due to continuous import losses; import costs continue to rise; the overall sentiment of commodities is warming up; and there is an impact from funds. [6] - **Likely Negative Factors**: The peak season is not prosperous; the shipping volume from foreign suppliers continues to rise. [6] Spot and Basis - Provides spot price, price change, and basis data for different specifications of logs at different ports on August 20, 2025, including 3.9 large (3.8A) at Rizhao Port, 4 large (3.8A) at Taicang Port, etc. [4][9] Log Data Overview - **Supply**: The radiation pine import volume in June 2025 was 1.61 million m³, a month - on - month decrease of 80,000 m³ but a year - on - year increase of 35.3%. [7] - **Inventory**: As of August 15, 2025, the port inventory in China was 3.06 million m³, a week - on - week decrease of 20,000 m³ and a year - on - year decrease of 8.4%. [7] - **Demand**: As of August 15, 2025, the average daily outbound volume of logs at ports was 63,300 m³, a week - on - week decrease of 900 m³ but a year - on - year increase of 28.9%. [7] - **Profit**: The import profit of radiation pine and spruce on August 15, 2025, was - 87 yuan/m³ and - 81 yuan/m³ respectively. [7] - **Foreign Market Quotation**: The CFR on August 15, 2025, was 116 US dollars/JASm³, with no change week - on - week and a year - on - year decrease of 1.7%. [7]

Core Insights - The future of enterprises is determined by the enhancement of comprehensive operational capabilities, innovative business models, and refined management levels in the context of a new industrial landscape [1] Group 1: Industry Trends - From 2010 to 2020, the industry faced challenges in futures hedging, with an increase in the proportion of futures hedging and a deterioration in the safety margin of the spot-futures basis, making hedging more difficult [1] - Post-2020, the development of risk management tools has become prominent, with a complex industrial cycle and external environment leading to a normalization of poor safety margins in the spot-futures basis [1] - The transition in bulk commodity trading from spot trading to basis trading and rights-inclusive trading has been observed, with a widespread promotion of spot-futures combination and an enhancement of risk management concepts [1] Group 2: Risk Management Tools - The profitability in the new era of industry no longer solely relies on processing and price differences but also includes profits from hedging/basis, optimizing business structures, risk management services, and premiums obtained through the combination of strategies and tools [1] - The recent acceleration in the listing process of domestic on-exchange options has led to a significant increase in the proportion of options trading [1] - Compared to on-exchange options, off-exchange options offer advantages such as a rich variety of products, diverse structures, and flexible elements, making them more aligned with the scenarios of spot trading [1][2]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views Glass - The current inventory of the mid - stream is at a high level. After the rapid decline of the futures price, the negative feedback continues, and the production and sales are weak. The near - end spot is under obvious pressure, and the low - price spot in Hubei is around 1020 yuan/ton after continuous price cuts. Further attention should be paid to policy guidance and short - term rapid changes in sentiment [3]. 纯碱 - Market sentiment and focus will fluctuate. Supply - side stories, regardless of the reasons, will be repeatedly traded, increasing volatility. The inventory of the upper and middle reaches has reached a new historical high, and the cost side has increased slightly with the strong coal price. The fundamental pattern of strong supply and weak demand for纯碱 remains unchanged. Attention should be paid to the price fluctuations of coal and raw salt on the cost side [5]. 3. Summary by Relevant Content Price Forecast - The monthly price range forecast for glass is 1000 - 1400 yuan/ton, with a current 20 - day rolling volatility of 51.76% and a historical percentile of 97.8% over 3 years. The monthly price range forecast for纯碱 is 1100 - 1500 yuan/ton, with a current 20 - day rolling volatility of 39.03% and a historical percentile of 75.6% over 3 years [1]. Hedging Strategies Glass - **Inventory Management**: For enterprises with high finished - product inventory and worried about price decline, they can short glass futures (FG2601) with a 50% ratio at 1450 yuan/ton to lock in profits and cover production costs. They can also sell call options (FG601C1420) with a 50% ratio at 50 - 60 yuan to reduce costs and lock in the spot selling price if the price rises. - **Purchase Management**: For those with low purchase inventory and planning to purchase based on orders, they can buy glass futures (FG2601) with a 50% ratio at 1100 - 1150 yuan/ton to prevent price increases. They can also sell put options (FG601P1100) with a 50% ratio at 40 - 50 yuan to reduce costs and lock in the spot purchase price if the price falls [1]. 纯碱 - **Inventory Management**: For enterprises with high finished - product inventory and worried about price decline, they can short soda ash futures (SA2601) with a 50% ratio at 1550 - 1600 yuan/ton to lock in profits and cover production costs. They can also sell call options (SA601C1600) with a 50% ratio at 60 - 70 yuan to reduce costs and lock in the spot selling price if the price rises. - **Purchase Management**: For those with low purchase inventory and planning to purchase based on orders, they can buy soda ash futures (SA2601) with a 50% ratio at 1200 - 1250 yuan/ton to prevent price increases. They can also sell put options (SA601P1200) with a 50% ratio at 50 - 60 yuan to reduce costs and lock in the spot purchase price if the price falls [1]. Core Contradictions - There is a contradiction between macro - expectations and industrial logic. The 09 contract is facing delivery, and near - month trading is returning to reality [2]. 利多解读 - The increase in coal prices raises costs. There are still policy expectations, and supply - side stories may be repeatedly traded [2]. 利空解读 - The inventory of the upper and middle reaches is high, leading to a negative feedback. The actual demand is average [2]. Price and Spread Data Glass - On August 13, 2025, the prices of glass 05, 09, and 01 contracts were 1308, 1061, and 1214 yuan/ton respectively, with daily declines of 22, 12, and 26 yuan/ton and daily decline rates of 1.65%, 1.12%, and 2.1% respectively. The spot prices of some glass products in different regions also had slight fluctuations [6][7]. 纯碱 - On August 13, 2025, the prices of soda ash 05, 09, and 01 contracts were 1437, 1276, and 1383 yuan/ton respectively, with daily declines of 25, 16, and 26 yuan/ton and daily decline rates of 1.71%, 1.24%, and 1.85% respectively. The spot prices of heavy and light soda ash in different regions were relatively stable, with only a few regions showing price changes [7][8][9].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - The current situation is characterized by weak reality and strong expectations, with policy expectations yet to be disproven, and there is a contradiction between macro - expectations and industrial logic [2] - Bullish factors include anti - involution expectations, rising coal costs, commodity resonance, and the upward movement of the futures market stimulating speculative demand and driving a positive feedback between futures and spot prices [2] - Bearish factors are that the medium - to - long - term fundamentals have not improved [2] - Policy expectations persist, and the futures market remains strong. Attention should be paid to the amplitude of the resonance between the macro and industrial sectors and wait for the next policy guidance [2] 3. Summary by Related Content Glass and Soda Ash Price Forecast - The monthly price forecast for glass is in the range of 1200 - 1500, with a current 20 - day rolling volatility of 51.76% and a 3 - year historical percentile of 97.8%. The monthly price forecast for soda ash is in the range of 1200 - 1600, with a current 20 - day rolling volatility of 39.03% and a 3 - year historical percentile of 75.6% [1] Glass and Soda Ash Hedging Strategies Glass - **Inventory Management**: When the finished - product inventory is high and there are concerns about falling glass prices, short glass futures (FG2509) with a 25% hedging ratio at 1500 and sell call options (FG509C1500) with a 50% hedging ratio at 50 - 60 to lock in profits and reduce costs. When the procurement inventory is low and there are concerns about rising glass prices, buy glass futures (FG2509) with a 25% hedging ratio at 1200 and sell put options (FG509P1200) with a 50% hedging ratio at 30 - 50 to lock in procurement costs [1] Soda Ash - **Inventory Management**: When the finished - product inventory is high and there are concerns about falling soda ash prices, short soda ash futures (SA2509) with a 25% hedging ratio at 1600 and sell call options (SA509C1600) with a 50% hedging ratio at 40 - 60. When the procurement inventory is low and there are concerns about rising soda ash prices, buy soda ash futures (SA2509) with a 25% hedging ratio at 1200 - 1250 and sell put options (SA509P1300) with a 50% hedging ratio at 30 - 50 [1] Glass Futures Prices and Spreads - On July 25, 2025, the prices of glass 05, 09, and 01 contracts were 1461, 1362, and 1426 respectively, with daily increases of 1.67%, 4.21%, and 1.71%. The spreads (5 - 9), (9 - 1), and (1 - 5) were 99, - 64, and - 35 respectively, with the (5 - 9) spread decreasing by 31 and the (9 - 1) spread increasing by 31 [2] Glass Spot Prices - On July 25, 2025, the average price of glass in Shahe was 1289.4, an increase of 52.6 from the previous day. The prices in different regions also showed varying degrees of increase, such as a 30 increase in North China and a 10 increase in South China [5] Soda Ash Futures Prices and Spreads - On July 25, 2025, the prices of soda ash 05, 09, and 01 contracts were 1539, 1440, and 1516 respectively, with daily increases of 1.38%, 2.27%, and 2.09%. The spreads (5 - 9), (9 - 1), and (1 - 5) were 99, - 76, and - 23 respectively, with varying degrees of change [6] Soda Ash Spot Prices - On July 25, 2025, the prices of heavy soda ash and light soda ash in different regions all increased to varying degrees, such as a 50 increase in North China and a 70 increase in East China [7] Seasonal Data - There are seasonal data on the daily output of float glass in China, the daily melting volume of photovoltaic glass in China, the capacity utilization rate of soda ash in China, and the loss volume of soda ash in China, as well as the seasonal data of the basis of glass and soda ash contracts in different regions and the seasonal data of the daily sales - to - production ratio of glass in different regions [8][23][28]

Core Viewpoint - The launch of propylene futures and options on the Zhengzhou Commodity Exchange marks a significant development in China's chemical industry, enhancing risk management capabilities within the propylene supply chain and contributing to the overall stability of the chemical market [1][5]. Industry Overview - The chemical industry is a cornerstone of modern industrial development, with propylene being a key basic chemical product. It has a wide range of applications in various sectors, including home appliances, automotive, textiles, medical devices, and cosmetics [2]. - China is the world's largest producer and consumer of propylene, with a projected apparent consumption of 55.36 million tons and a market size of approximately 384.5 billion yuan in 2024. The industry has experienced rapid expansion, with an average annual growth rate of 12.8% from 2014 to 2024 [2][5]. - The propylene industry has over 100 production enterprises in China, with the top 10 companies accounting for 56.4% of total capacity. The market has been characterized by significant price volatility due to fluctuations in raw material prices and insufficient terminal demand [3][4]. Risk Management Needs - Prior to the launch of futures, the propylene industry lacked effective price risk management tools, leading to increased uncertainty for enterprises and hindering long-term healthy development [4][6]. - The introduction of propylene futures and options fills a critical gap in risk management, allowing companies to lock in procurement or sales prices and mitigate risks associated with market fluctuations [4][6]. Impact of Futures and Options - The dual design of "futures + options" provides flexible hedging tools for enterprises along the propylene supply chain, enhancing their ability to manage risks and stabilize operations [6][7]. - The listing of propylene futures is a crucial step in improving China's energy and chemical futures market, complementing existing products like crude oil and methanol, and facilitating better risk management strategies [6][7]. International Pricing Influence - The launch of propylene futures is seen as a proactive measure to address uncertainties in the international market and ensure the security of supply chains. It aims to enhance the international pricing influence of Chinese propylene, particularly as domestic companies expand into overseas markets [8][9]. - The futures market is expected to provide authoritative and transparent pricing, improving trade efficiency and meeting the diverse risk management needs of enterprises [8][9]. Future Prospects - The introduction of propylene futures and options is aligned with China's strategy for high-quality development in the chemical industry, facilitating resource allocation and supporting industry consolidation and technological upgrades [9][10]. - As more chemical derivatives are introduced, the risk management ecosystem within China's energy and chemical industries is expected to become more robust, providing strong support for the ongoing transformation and upgrading of the sector [9][10].

1. Price Forecast and Hedging Strategy - The monthly price range forecast for logs is between 820 and 860, with a current 20 - day rolling volatility of 16.28% and a 3 - year historical percentile of 67.4% [2] - For inventory management, when log import volume is high and inventory is at a high level, it is recommended to short log futures (lg2509) with a 25% hedging ratio at an entry range of 850 - 875 to prevent inventory losses and lock in profits [2] - For procurement management, when the regular procurement inventory is low, it is recommended to buy log futures (lg2509) with a 25% hedging ratio at an entry range of 810 - 820 to lock in procurement costs in advance [2] 2. Core Contradictions - The main contract closed at 838 (-4), with a reduction of 2,264 lots and a continuous 3 - day net capital outflow [3] - After the stock market's coal sector soared due to rumors of coal mine production inspections, the log market showed a relatively independent trend. The current log price is slightly overvalued. If the CFR import price rises, the valuation will be corrected; if it falls, the overvaluation will intensify, creating a good short - hedging opportunity [3] 3. Spot and Basis - On July 22, 2025, the spot prices of different specifications of logs in ports such as Rizhao and Taicang remained unchanged compared to the previous period. The calculated basis (after conversion) values varied, with some positive and some negative [5][8] 4. Data Overview Supply - The radiation pine import volume in June 2025 was 1.61 million m³, a decrease of 80,000 m³ from the previous period but a 35.3% increase year - on - year [9] Inventory - As of July 18, 2025, the total port inventory in China was 3.29 million m³, an increase of 70,000 m³ from the previous period and a 4.1% increase year - on - year. The port inventory in Shandong was 1,932,000 m³, an increase of 38,000 m³ from the previous period and a 6.0% increase year - on - year. The port inventory in Jiangsu was 1,107,569 m³, a decrease of 7,431 m³ from the previous period but a 33.9% increase year - on - year [9] Demand - As of July 18, 2025, the average daily log port outbound volume was 62,400 m³, an increase of 3,600 m³ from the previous period and a 23.3% increase year - on - year. The average daily outbound volume in Shandong was 33,600 m³, a decrease of 1,700 m³ from the previous period but a 31.8% increase year - on - year. The average daily outbound volume in Jiangsu was 23,200 m³, an increase of 4,700 m³ from the previous period and a 32.6% increase year - on - year [9] Profit - As of July 25, 2025, the radiation pine import profit was - 83 yuan/m³, unchanged from the previous period, and the spruce import profit was - 44 yuan/m³, a decrease of 1 yuan/m³ from the previous period [9] 5. Market Sentiment Analysis Bullish Factors - Traders are willing to support prices due to continuous import losses, the import cost is rising, and the overall commodity sentiment is warming up [7] Bearish Factors - The outflow of delivery goods from the 07 contract is suppressing the spot price, and the foreign merchant shipping volume is continuously increasing [7]

Report Overview - Report Name: Glass and Soda Ash Industry Risk Management Daily - Date: May 29, 2025 - Author: Shou Jialu (Investment Consultation License No.: Z0020569) - Investment Consultation Business Qualification: CSRC License [2011] No. 1290 1. Price Range Forecast - Glass price range (monthly): 900 - 1200, current volatility (20 - day rolling): 27.81%, current volatility historical percentile (3 - year): 46.6% [2] - Soda ash price range (monthly): 1100 - 1350, current volatility (20 - day rolling): 25.00%, current volatility historical percentile (3 - year): 30.3% [2] 2. Hedging Strategies Glass - For inventory management with high finished - product inventory and fear of price decline, sell FG2509 futures at a 50% ratio when the price reaches 1100 to lock in profits and cover production costs [2] - Sell FG509 C1200 call options at a 50% ratio with an entry range of 20 - 30 to collect premiums, reduce costs, and lock in the spot selling price if the price rises [2] Soda Ash - For inventory management with high finished - product inventory and fear of price decline, sell SA2509 futures at a 50% ratio when the price reaches 1300 to lock in profits and cover production costs [2] - Sell SA509 C1300 call options at a 50% ratio with an entry range of 30 - 40 to collect premiums, reduce costs, and lock in the spot selling price if the price rises [2] 3. Core Contradictions Glass - Supply chain faces over - supply pressure; in the off - season of demand with weak expectations, but no new cold - repair expectations have been triggered [3] Soda Ash - There is a consensus on over - supply expectations, and new production capacity is expected in the long - term; costs are continuously decreasing, and there are still profits in the supply chain [3] 4. Bullish Factors Glass - Supply remains in a low - level fluctuation state; the futures price is approaching the full - supply - chain loss state; low prices lead to cold - repair expectation disturbances [3] Soda Ash - Manufacturer maintenance from May to June is gradually being realized; exports exceed expectations, alleviating domestic over - supply pressure [3] 5. Bearish Factors Glass - There are still ignition expectations on the supply side, and no large - scale cold - repair expectations; actual demand is weak; overall social inventory is high, and the off - season is approaching [3] Soda Ash - New production capacity continues to be put into operation; social inventory is at an absolute historical high; there are still profits in the supply chain [3] 6. View Summaries Glass - If the low price persists, focus on the increase in cold - repair expectations. Although the glass valuation is relatively low, the short - term fundamentals and cost support are weak [3] Soda Ash - The futures market is under continuous pressure. New production capacity may gradually release output, and maintenance fails to provide short - term support. With cost reduction and remaining supply - chain profits, it should be treated bearishly. Further price cuts from soda ash manufacturers are needed to drive the price down [3] 7. Price and Spread Data Glass - On May 29, 2025, the 05 - contract price was 1101 (down 13 from the previous day, - 1.17%); the 09 - contract price was 985 (down 24, - 2.38%); the 01 - contract price was 1049 (down 19, - 1.78%) [3][5] - The 5 - 9 month - spread was 116 (up 11 from the previous day); the 9 - 1 month - spread was - 64 (down 5); the 1 - 5 month - spread was - 52 (down 6) [5] - The 05 - contract basis in Shahe was 50 (up 8.4); in Hubei, it was 19 (up 73); the 09 - contract basis in Shahe was 165.6 (up 19.4); in Hubei, it was 55 (up 4) [5] - The average spot price of glass in Shahe was 1150.6 (down 4.6 from the previous day) [6] Soda Ash - On May 29, 2025, the 05 - contract price was 1253 (down 7 from the previous day, - 0.56%); the 09 - contract price was 1203 (down 12, - 0.99%); the 01 - contract price was 1201 (down 6, - 0.5%) [7] - The 5 - 9 month - spread was 50 (up 5 from the previous day, 11.11%); the 9 - 1 month - spread was 2 (down 6, - 75%); the 1 - 5 month - spread was - 52 (up 1, - 1.89%) [7] - The heavy - alkali basis in Shahe was 52 (up 12); in Qinghai, it was - 103 (up 12) [7] - The heavy - alkali market price in Shahe on May 29 was 1243 (down 12 from the previous day) [7]

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - Glass: If the low price persists, attention should be paid to the increase in cold - repair expectations. Although the valuation of glass is relatively low, the short - term fundamentals and cost support are weak [3]. -纯碱: The pressure on the futures market continues. Newly invested production capacity may gradually release output, and the maintenance cannot provide short - term support. With the cost decline, there is still profit in the industrial chain. It should be treated bearishly, and further price cuts by soda ash plants are needed for the continuous decline of soda ash prices [3]. 3. Summary by Related Catalogs 3.1 Glass and Soda Ash Price Range Forecast - Glass price range forecast (monthly): 900 - 1200, current 20 - day rolling volatility is 27.22%, and the historical percentile of the current volatility in 3 years is 43.9% [2]. - Soda ash price range forecast (monthly): 1100 - 1400, current 20 - day rolling volatility is 29.95%, and the historical percentile of the current volatility in 3 years is 44.9% [2]. 3.2 Glass and Soda Ash Hedging Strategies - Glass inventory management: For high - inventory situations, to prevent inventory losses, sell FG2509 glass futures at a 50% hedging ratio with an entry range of 1100; sell FG509 call options at a 50% hedging ratio with an entry range of 20 - 30, which can also lock in the spot selling price [2]. - Soda ash inventory management: For high - inventory situations, to prevent inventory losses, sell SA2509 soda ash futures at a 50% hedging ratio with an entry range of 1350; sell SA509 call options at a 50% hedging ratio with an entry range of 40 - 50, which can also lock in the spot selling price [2]. 3.3 Core Contradictions - Glass: The industrial chain faces over - supply pressure in the future; the off - season of demand and weak expectations have not triggered new cold - repair expectations [3]. - Soda ash: There is a consensus on over - supply expectations, and there are still new production capacities in the long - term; the cost continues to decline, and there is still profit in the industrial chain [3]. 3.4利多解读 - Glass: The supply side remains in a low - fluctuation state; the futures price is approaching the full - industrial - chain loss state; at low prices, cold - repair expectations are disturbing [3]. - Soda ash: The maintenance of manufacturers from May to June is gradually being realized; exports exceed expectations, alleviating the domestic over - supply pressure [3]. 3.5利空解读 - Glass: There is still ignition expectation on the supply side, and there is no large - scale cold - repair expectation; the actual demand is weak; the overall social inventory is high, and the off - season is coming [3]. - Soda ash: New production capacities continue to be put into operation; the social inventory is at an absolute historical high; there is still profit in the industrial chain [3]. 3.6 Glass Futures Price and Monthly Spread - On May 27, 2025, the price of glass 05 contract was 1127, down 3 (- 0.27%) from the previous day; the price of 09 contract was 1031, up 12 (1.18%); the price of 01 contract was 1084, up 3 (0.28%) [4][6]. - The monthly spread (5 - 9) was 96, down 15 from the previous day; the monthly spread (9 - 1) was - 53, up 9; the monthly spread (1 - 5) was - 43, up 6 [6]. 3.7 Glass Spot Price - On May 27, 2025, the average price of glass in the Shahe area was 1155.8, down 0.4 from the previous day [7]. - The prices of 5mm float glass in various regions remained unchanged on that day [7]. 3.8 Soda Ash Futures Price and Monthly Spread - On May 27, 2025, the price of soda ash 05 contract was 1268, down 20 (- 1.55%) from the previous day; the price of 09 contract was 1231, down 23 (- 1.83%); the price of 01 contract was 1212, down 25 (- 2.02%) [8]. - The monthly spread (5 - 9) was 37, up 3 (8.82%) from the previous day; the monthly spread (9 - 1) was 19, up 2 (11.76%); the monthly spread (1 - 5) was - 56, down 5 (9.8%) [8]. 3.9 Soda Ash Spot Price and Spread - On May 27, 2025, the prices of heavy and light soda ash in most regions remained unchanged, except that the heavy - soda ash price in the East China region decreased by 50 [8]. - The spread between heavy and light soda ash varied by region, with values such as 100 in North China, 50 in South China, etc. [8].

Group 1: Corn Market Dynamics - The corn market transformation reflects the interplay between policy and market forces, with the marketization process accelerating after the 2016 removal of the temporary storage policy [2][3] - Domestic corn production increased from 166 million tons in 2004 to an estimated 295 million tons in 2024, with consumption projected at 298 million tons [2] - The Dalian Commodity Exchange (DCE) has expanded its corn futures trading volume significantly, with daily average trading volume and open interest rising to 670,000 contracts and 1.45 million contracts in 2024, respectively [2] Group 2: Delivery Warehouse Evolution - The corn delivery warehouse layout has evolved from a focus on Liaoning to a nationwide network, enhancing risk management and delivery needs for the industry [3][4] - The total capacity of delivery warehouses increased from 6.6 million tons to 15.28 million tons, a growth of 132%, to meet industry demand [3] - The DCE's delivery network now spans nine provinces, improving convenience for industry clients participating in futures trading [3][4] Group 3: Focus on Coking Coal - The coking coal market has undergone significant changes, with domestic production expected to reach 170 million tons in 2024, a 6% increase from 2020 [6] - Coking coal imports are projected to decline to around 50 million tons in 2024, a nearly 30% decrease from previous years [6] - The DCE has adjusted the delivery area for coking coal from ports to the Shanxi production region, enhancing local enterprises' participation in futures trading [7][8] Group 4: Styrene Market Developments - The domestic styrene industry has seen a capacity expansion of 1.187 million tons from 2019 to 2024, with production increasing by 698,750 tons [9][10] - The DCE expanded the delivery area for styrene to cover nearly 90% of the domestic production and sales volume, facilitating better service for industry clients [10][11] - Participation in styrene futures has surged, with daily average open interest exceeding 380,000 contracts in 2024, a 122% increase from 2022 [11] Group 5: Overall Impact on Industry - The DCE's continuous optimization of delivery warehouse layouts supports the integration of industry and finance, enhancing the efficiency of the commodity market [12] - The adjustments in delivery areas for corn, coking coal, and styrene reflect the DCE's commitment to aligning services with industry needs, promoting high-quality economic development [12]