氯碱日报 | 2025-12-23 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4591元/吨（-61）；华东基差-231元/吨（+21）;华南基差-191元/吨（+31）。 现货价格：华东电石法报价4360元/吨（-40）；华南电石法报价4400元/吨（-30）。 上游生产利润：兰炭价格780元/吨（+0）；电石价格2830元/吨（+0）；电石利润-84元/吨（+0）；PVC电石法生产毛 利-986元/吨（+116）；PVC乙烯法生产毛利-469元/吨（+51）；PVC出口利润-5.6美元/吨（+3.6）。 PVC库存与开工：PVC厂内库存32.9万吨（-1.6）；PVC社会库存51.1万吨（-0.7）；PVC电石法开工率77.01%（-2.12%）； PVC乙烯法开工率74.06%（-2.61%）；PVC开工率76.12%（-2.27%）。 下游订单情况：生产企业预售量76.2万吨（+11.4）。 烧碱： 期货价格及基差：SH主力收盘价2181元/吨（+17）；山东32%液碱基差69元/吨（-17）。 现货价格：山东32%液碱报价720元/吨（+0）；山东50%液碱报价1140元/吨（+ ...

氯碱日报 | 2025-12-19 PVC社会库存小幅去化 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4708元/吨（+285）；华东基差-278元/吨（-265）;华南基差-268元/吨（-275）。 现货价格：华东电石法报价4430元/吨（+20）；华南电石法报价4440元/吨（+10）。 上游生产利润：兰炭价格780元/吨（+0）；电石价格2880元/吨（-25）；电石利润-34元/吨（-25）；PVC电石法生产毛 利-1102元/吨（-83）；PVC乙烯法生产毛利-520元/吨（-48）；PVC出口利润-6.7美元/吨（-3.6）。 PVC库存与开工：PVC厂内库存34.4万吨（+1.8）；PVC社会库存51.7万吨（-1.2）；PVC电石法开工率77.01%（-2.12%）； PVC乙烯法开工率74.06%（-2.61%）；PVC开工率76.12%（-2.27%）。 下游订单情况：生产企业预售量64.9万吨（-5.0）。 烧碱： 期货价格及基差：SH主力收盘价2199元/吨（+56）；山东32%液碱基差51元/吨（-56）。 现货价格：山东32%液碱报价720元/吨（+0）；山东 ...

氯碱日报 | 2025-12-17 PVC海外装置停产提振盘面情绪，现货成交清淡 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4399元/吨（+84）；华东基差-19元/吨（-34）;华南基差1元/吨（-64）。 烧碱： 期货价格及基差：SH主力收盘价2160元/吨（-3）；山东32%液碱基差90元/吨（+34）。 现货价格：山东32%液碱报价720元/吨（+10）；山东50%液碱报价1140元/吨（-10）。 现货价格：华东电石法报价4380元/吨（+50）；华南电石法报价4400元/吨（+20）。 上游生产利润：兰炭价格780元/吨（+0）；电石价格2930元/吨（+0）；电石利润16元/吨（+0）；PVC电石法生产毛 利-1102元/吨（-83）；PVC乙烯法生产毛利-520元/吨（-48）；PVC出口利润3.7美元/吨（-6.9）。 PVC库存与开工：PVC厂内库存34.4万吨（+1.8）；PVC社会库存51.7万吨（-1.2）；PVC电石法开工率79.13%（-2.96%）； PVC乙烯法开工率76.67%（+4.75%）；PVC开工率78.39%（-0.62%）。 下游订单情况： ...

Report Investment Ratings - Iron ore: Bullish with oscillations due to fluctuating expectations [2][4] - Rebar: Bullish with oscillations as anti - cut - throat competition sentiment resurfaces [2][7] - Hot - rolled coil: Bullish with oscillations as anti - cut - throat competition sentiment resurfaces [2][8] - Ferrosilicon: Bullish with oscillations boosted by macro sentiment [2][11] - Silicomanganese: Bullish with oscillations boosted by macro sentiment [2][11] - Coke: Wide - range oscillations with fluctuating expectations [2][14] - Coking coal: Wide - range oscillations with fluctuating expectations [2][15] - Logs: Oscillatory and erratic [2][17] Core Views - The prices of various black - series commodities in the futures market show different trends, mainly affected by factors such as market expectations, macro sentiment, and industry fundamentals [2][4][8] Summary by Commodity Iron Ore - **Fundamentals**: The futures price of I2601 closed at 796.0 yuan/ton, down 3.5 yuan/ton (-0.44%); the position decreased by 7,364 hands. Among spot prices, the price of imported ore mostly declined, while some domestic ore prices rose. Some basis and spread values changed [4] - **News**: As of the end of August, M2 balance was 331.98 trillion yuan, up 8.8% year - on - year; M1 balance was 111.23 trillion yuan, up 6% year - on - year [4] - **Trend Strength**: 0 [4] Rebar and Hot - rolled Coil - **Fundamentals**: For RB2510, the closing price was 3,045 yuan/ton, up 28 yuan/ton (0.93%); for HC2510, it was 3,398 yuan/ton, up 24 yuan/ton (0.71%). Spot prices in most regions increased. Some basis and spread values changed [8] - **News**: From January to August 2025, the added value of industrial enterprises above designated size increased by 6.2% year - on - year; fixed - asset investment increased by 0.5% year - on - year; total retail sales of consumer goods increased by 4.6% year - on - year. In August, China exported 951.0 tons of steel, down 3.3% month - on - month [9][10] - **Trend Strength**: 1 for both rebar and hot - rolled coil [10] Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of different contracts increased to varying degrees. Spot prices of ferrosilicon and silicomanganese also changed. There were changes in basis, spread, and cross - variety spread [11] - **News**: In August 2025, China's crude steel output was 7,737 million tons, down 0.7% year - on - year; the daily average output was 249.6 million tons, down 2.8% month - on - month [11] - **Trend Strength**: 1 for both ferrosilicon and silicomanganese [13] Coke and Coking Coal - **Fundamentals**: The futures prices of JM2601 and J2601 increased by 3.8% and 3.9% respectively. Spot prices of coking coal remained stable, while some coke prices declined. Some basis and spread values changed [15] - **News**: An important article by Xi Jinping will be published in the 18th issue of Qiushi Journal [15] - **Trend Strength**: 0 for both coke and coking coal [16] Logs - **Fundamentals**: The closing prices, trading volumes, and positions of different contracts showed different trends. Spot prices of most log products remained stable [18] - **News**: As of the end of August, M2 balance was 331.98 trillion yuan, up 8.8% year - on - year; M1 balance was 111.23 trillion yuan, up 6% year - on - year [20] - **Trend Strength**: 0 [20]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Overall, the sentiment in the有色金属 market is mixed. Some metals may experience price fluctuations due to factors such as supply - demand imbalances, geopolitical issues, and market expectations. For example, copper prices may be in a consolidation phase, aluminum prices may turn to a volatile state, and zinc prices still face significant downward risks. Meanwhile, long - term factors like the US easing expectations and domestic anti - involution policies may support nickel prices [1][3][9]. - The prices of various metals are affected by different factors. For instance, copper prices are influenced by raw material supply, inventory levels, and market sentiment; aluminum prices are related to inventory changes and downstream consumption; lead prices are affected by raw material shortages and high inventory at the consumer end; and tin prices are restricted by slow production resumption and weak demand during the off - season [1][3][7][11]. 3. Summary by Metal Copper - **Price Movement**: LME copper closed up 0.38% at $9,721 per ton, and SHFE copper's main contract closed at 78,730 yuan per ton. The price may consolidate and await further guidance from the Fed Chair's speech on Friday [1]. - **Inventory**: LME inventory increased by 1,200 tons to 156,350 tons, and SHFE copper warehouse receipts slightly decreased to 25,000 tons. Domestic refined copper net imports in July were 218,000 tons, a decrease of 40,000 tons from June [1]. - **Outlook**: The market has expectations of interest rate cuts, and raw material supply is tight. Overall, copper prices may consolidate, with the SHFE copper main contract operating in the range of 78,000 - 79,200 yuan per ton and LME copper 3M in the range of $9,600 - $9,800 per ton [1]. Aluminum - **Price Movement**: LME aluminum closed up 0.37% at $2,577 per ton, and SHFE aluminum's main contract closed at 20,565 yuan per ton. The price may turn to a volatile state [3]. - **Inventory**: Domestic three - place aluminum ingot inventory decreased by 0.5 tons to 442,000 tons, and LME aluminum inventory remained unchanged at 480,000 tons [3]. - **Outlook**: The US - Russia talks were relatively smooth, but the US has expanded the scope of taxation on aluminum and steel derivatives. With low domestic inventory and strong aluminum product exports, aluminum prices are supported, but downstream consumption is weak. The SHFE aluminum main contract is expected to operate in the range of 20,480 - 20,680 yuan per ton, and LME aluminum 3M in the range of $2,540 - $2,600 per ton [3]. Cast Aluminum Alloy - **Price Movement**: The AD2511 contract slightly increased to 20,095 yuan per ton, and the price increase may face resistance [5]. - **Inventory**: Domestic three - place recycled aluminum alloy ingot inventory decreased by 200 tons to 31,400 tons [5]. - **Outlook**: The downstream is in the off - season, with weak supply and demand. Cost support is strong, but the large price difference between futures and spot may limit price increases [5]. Lead - **Price Movement**: SHFE lead index closed down 0.58% at 16,735 yuan per ton, and LME lead 3S fell to $1,971.5 per ton. The price is expected to be weak [7]. - **Inventory**: Domestic social inventory decreased slightly to 65,800 tons, and LME lead inventory was 283,000 tons [7]. - **Outlook**: The lead ore inventory is tight, and the processing fee is declining. The demand from battery manufacturers is weak, and the finished product inventory is high. Overall, the supply - demand situation is weak, and the price is expected to decline [7]. Zinc - **Price Movement**: SHFE zinc index closed up 0.26% at 22,265 yuan per ton, and LME zinc 3S remained unchanged at $2,776.5 per ton. The price still has significant downward risks [8][9]. - **Inventory**: Domestic social inventory continued to increase to 135,400 tons, and LME zinc inventory was 72,200 tons [8][9]. - **Outlook**: Zinc ore inventory is decreasing, but the TC of zinc concentrate is rising. Refined zinc imports are decreasing, and domestic social inventory is increasing rapidly. Downstream consumption is weak, and the market is in an oversupply state [9]. Tin - **Price Movement**: On August 20, 2025, SHFE tin's main contract closed at 267,840 yuan per ton, down 0.09%. The price is expected to fluctuate [11]. - **Inventory**: SHFE registered warehouse receipts decreased by 184 tons to 7,329 tons, and LME inventory increased by 85 tons to 1,715 tons. As of August 15, the national main market tin ingot social inventory was 10,392 tons [11]. - **Outlook**: The supply is tight in the short term due to slow production resumption in Myanmar and transportation issues. The demand is weak during the off - season. As production resumes in Myanmar, the price is expected to fluctuate in the range of 250,000 - 275,000 yuan per ton for domestic tin and $31,000 - $34,000 per ton for LME tin [11]. Nickel - **Price Movement**: Nickel prices fluctuated. The price may face correction pressure in the short term but has support in the long term [12][13]. - **Inventory**: No significant inventory data provided in the summary part. - **Outlook**: Downstream stainless steel demand improvement is limited, but long - term factors such as the US easing expectations and RKAB approval support the price. The SHFE nickel main contract is expected to operate in the range of 115,000 - 128,000 yuan per ton, and LME nickel 3M in the range of $14,500 - $16,500 per ton [13]. Lithium Carbonate - **Price Movement**: The MMLC spot index dropped 4.05% to 82,832 yuan, and the LC2511 contract closed down 7.49% at 80,980 yuan. The price may have further fluctuations [15]. - **Inventory**: No significant inventory data provided in the summary part. - **Outlook**: The sentiment of bullish funds supported by supply disruptions has cooled down. The short - term support level of lithium prices has shifted upward, and attention should be paid to imports and industry news. The reference operating range for the GFEX lithium carbonate 2511 contract is 77,000 - 82,000 yuan per ton [15]. Alumina - **Price Movement**: On August 20, 2025, the alumina index increased by 0.67% to 3,137 yuan per ton. The price may have limited downward space [17]. - **Inventory**: The futures warehouse receipts increased by 3,000 tons to 75,000 tons [17]. - **Outlook**: The supply of domestic and overseas ore is disturbed, and the price is expected to be supported. It is recommended to wait and see. The domestic main contract AO2601 is expected to operate in the range of 3,100 - 3,500 yuan per ton [17]. Stainless Steel - **Price Movement**: The stainless - steel main contract closed at 12,820 yuan per ton, down 0.50%. The price is expected to fluctuate [19][20]. - **Inventory**: Social inventory decreased to 1,078,900 tons, a decrease of 2.48%. The 300 - series inventory was 644,500 tons, a decrease of 1.99% [20]. - **Outlook**: The decline was affected by low - price selling by arbitrage institutions. The downstream is cautious in purchasing, and the steel mills have the intention to support the price. Overall, the price is expected to fluctuate [20].

Report Information - Report Title: Nickel and Stainless Steel Weekly Report - Repeated Expectations of Interest Rate Cuts and "Anti - involution" Sentiment, Difficult to Form a Trend [1] - Date: August 19, 2025 [2] - Author: Wu Jinheng from Hongyuan Futures Research Institute [2] Investment Ratings - Nickel: The investment strategy is to wait and see, with an expected operating range of 116,000 - 126,000 yuan/ton [3][88] - Stainless Steel: The investment strategy is to wait and see, with an expected operating range of 12,500 - 13,500 yuan/ton [4][113] Core Views - Nickel: With high pure nickel production, loose supply - demand, and repeated expectations of Fed interest rate cuts, the nickel price is expected to fluctuate within a range [3][88] - Stainless Steel: Although production has rebounded, demand is average, and inventory pressure remains. However, with strong cost support and the influence of "anti - involution" sentiment, the stainless - steel price is expected to fluctuate within a range [4][113] Summary by Directory 1.1 Nickel Market Review - Last week, SHFE nickel fluctuated downward with a weekly decline of 0.46%, trading volume reaching 488,300 lots (+23,600), and open interest at 96,900 lots (-12,700). LME nickel rose 0.26% weekly, with trading volume at 28,400 lots (+2,700). The basis premium was 1,190 yuan/ton [10][12] 1.2 Supply Side - Nickel Ore - Last week, the prices of 0.9%, 1.5%, and 1.8% nickel ores remained flat, and the shipping price from the Philippines to China was unchanged. In June, the Philippines' nickel - ore exports increased, and China's imports reached 4.35 million tons, up 10.7% month - on - month and down 7.2% year - on - year. Last week, the arrival volume of nickel ore decreased by 100,600 tons, and port inventory increased by 60,000 wet tons [18][23][25] 1.2 Supply Side - Nickel Pig Iron - The price of 8 - 12% high - nickel pig iron rose 7 yuan/nickel point, and that of 1.5 - 1.7% nickel pig iron rose 20 yuan/ton. The negative premium of nickel pig iron compared to electrolytic nickel and scrap stainless steel narrowed. In June, China's nickel - iron imports were 1.041 million tons, up 22.8% month - on - month and 50.0% year - on - year, and imports in July were expected to decline. The loss of nickel - iron plants narrowed, and the operating rate increased. In August, the operating rate and production of domestic nickel pig iron decreased, while those in Indonesia increased slightly. Nickel iron had a slight inventory reduction [30][34][43] 1.2 Supply Side - Electrolytic Nickel - In August, the operating rate and production schedule of refined nickel increased, the export profit of electrolytic nickel decreased, and in June, both imports and exports of electrolytic nickel declined [47][51][54] 1.3 Demand Side - Stainless Steel - In August, the production schedule of stainless steel and 300 - series stainless steel increased. In June, stainless - steel exports decreased by 10.6% month - on - month and 13.9% year - on - year, and imports decreased by 12.5% month - on - month and 16.6% year - on - year. Exports and imports were expected to decline in July [58][62][102] 1.3 Demand Side - New Energy - The price of pure nickel fell, the price of nickel sulfate rose, and the premium of nickel sulfate over pure nickel widened. The proportion of pure nickel used to produce nickel sulfate was extremely small. In August, the production schedules of ternary precursors and ternary materials increased, while that of nickel sulfate decreased. In July, the production of new - energy vehicles was 1.243 million units, down 2.0% month - on - month and up 26.3% year - on - year, and sales were 1.262 million units, down 5.1% month - on - month and up 27.4% year - on - year [67][71][79] 1.4 Inventory Side - Last week, SHFE nickel inventory increased, LME nickel inventory decreased, Shanghai Free - Trade - Zone pure - nickel inventory remained flat, and the six - region social total inventory increased by 1,319 tons [80][84] 1.5 Electrowinning Nickel Cost - The cost of producing electrowinning nickel from externally purchased nickel sulfate and MHP increased, while that from externally purchased nickel matte remained flat. The cost advantage of producing electrowinning nickel from integrated MHP over integrated nickel matte was obvious [87] 2.2 Cost and Profit - The prices of high - nickel pig iron and high - carbon ferrochrome rose, providing strong cost support. The losses of 200 - series and 400 - series stainless steel narrowed, while those of 300 - series stainless steel widened [94][98] 2.3 Fundamental Aspects - In August, the production schedule of stainless steel and 300 - series stainless steel increased. In June, stainless - steel exports and imports decreased, and they were expected to decline in July [102][105] 2.4 Inventory Side - The domestic social inventory of stainless steel decreased. The inventory of 200 - series and 300 - series stainless steel decreased, while that of 400 - series stainless steel increased [111]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - The prices of related futures products in the photovoltaic industry chain are currently strong, but the fundamentals are relatively weak. The inventory in the polysilicon industry is decreasing, and it may continue to operate in the short term. Consider taking long positions at low prices when the price corrects [7]. 3) Summary Based on Related Content Industrial Silicon Price Trends - On August 11, industrial silicon opened with a significant jump. As of 11:00, it was reported at 8,970 yuan/ton, with a morning high of 9,025 yuan/ton, a 3.61% increase from Friday's closing price of 8,710 yuan/ton [5]. - Due to the market's expectation of a significant reduction in the export tax - rebate rate for photovoltaic modules in September, the polysilicon production increased slightly last week. Under the current domestic anti - involution policy, the market sentiment is positive, driving up the prices of products in the industry chain. Although the anti - involution policy is currently piloted in polysilicon and not yet in industrial silicon, the strong implementation of the policy leads to good market expectations for the current price of industrial silicon. The industry inventory is decreasing, and the increase in energy prices raises the production cost of industrial silicon, supporting the price to run above 8,900 yuan/ton [6]. Polysilicon Price Trends - The recent export tax - rebate event for photovoltaic modules continuously supports the polysilicon price to run above 50,000 yuan/ton. Although the price is already high and the tax - rebate event has limited upward momentum for the price, the decreasing inventory continues to support the price above 50,000 yuan/ton [7].

Investment Rating - The report maintains a positive investment rating for metals, copper, and aluminum, suggesting an increase in allocation [8]. Core Viewpoints - The report highlights the potential for price increases in lithium due to supply disruptions, particularly from large mines in Jiangxi facing production halts [2][5]. - Industrial metals have rebounded, driven by a weaker dollar and renewed anti-involution sentiment, with copper and aluminum prices increasing by 1.4% and 1.7% respectively [6][24]. - The report emphasizes the strategic importance of rare earths and tungsten, with a focus on their value reassessment amid geopolitical tensions and supply chain developments [5]. Summary by Sections Lithium and Supply Dynamics - Lithium supply is expected to tighten significantly due to potential production halts in Jiangxi, leading to a substantial reduction in the annual supply-demand surplus [2][5]. - The report notes that domestic mining regulations are becoming stricter, which may further impact lithium production [5]. Precious Metals - The report suggests focusing on gold stocks for a potential second wave of market activity this year, recommending an increase in allocation as gold prices stabilize above $3,500 per ounce [4]. - The analysis indicates that gold stocks may experience a quarterly resonance across price, valuation, and style dimensions [4]. Strategic and Energy Metals - The report identifies strategic metals like rare earths and tungsten as having significant upside potential due to government policies and market dynamics [5]. - It mentions that the price of rare earths has shown improvement, with Baotou Steel Rare Earth's price for rare earth concentrate rising to 19,100 yuan per ton, reflecting a 1.5% increase [5]. Industrial Metals - Industrial metals are experiencing price fluctuations, with copper and aluminum showing signs of recovery due to macroeconomic factors and expectations of interest rate cuts [6][24]. - The report notes that the overall demand for copper and aluminum is likely to decline in the second half of the year, but potential policy support could stabilize prices [6]. Market Performance - The report indicates that the metal materials and mining sector outperformed the broader market, with a 5.24% increase compared to the Shanghai Composite Index's 2.11% rise [14]. - Key stocks in the sector, such as Zijin Mining and China Hongqiao, are highlighted for their strong performance [6][22].

Core Viewpoint - The article highlights a mixed performance in various sectors, with a decline in prices for steel, cement, and industrial metals, while float glass and thermal coal prices continue to rise. The service consumption sector shows a divergence, with tourism experiencing a decline and the film market showing significant improvement [1][2]. Group 1: Downstream Consumption - Real estate sales continue to struggle, with a 20.8% year-on-year decline in transaction area for commercial housing in 30 major cities. First, second, and third-tier cities saw declines of 17.8%, 15.7%, and 37.0% respectively [2]. - The average daily retail sales of passenger cars increased by 5.0% year-on-year during the week of July 21-27, supported by the release of the third batch of national subsidy funds [2]. - The film box office saw a significant improvement, with a 49.0% increase week-on-week and a year-on-year growth of 64.8%, attributed to the release of new films during the summer season [2]. Group 2: Midstream Manufacturing - The construction sector remains weak, impacting the construction activity and leading to a decline in steel prices, while float glass prices continue to rise [3]. - Manufacturing activity has slowed down, particularly in the automotive and chemical sectors, while the oil asphalt sector has seen a rebound, indicating some resilience in infrastructure demand [3]. - Industrial metal prices have decreased due to weak demand and the impact of U.S. tariffs, alongside a decline in sentiment regarding the "involution" phenomenon [3]. Group 3: Human Flow and Logistics - Long-distance passenger transport demand continues to grow, with a 3.3% week-on-week increase in the Baidu migration scale index and a 21.0% year-on-year increase [4]. - Freight logistics have shown a slight decline, with national highway truck traffic and railway freight volume decreasing by 0.9% and 1.4% respectively week-on-week, but still showing year-on-year growth of 2.8% and 6.5% [4]. - Sea freight prices have decreased, and domestic port cargo and container throughput have dropped by 5.0% and 8.5% respectively week-on-week, indicating a marginal decline in export activity [4].

Group 1 - The report highlights a divergence in cyclical commodity prices, with steel, cement, and industrial metal prices declining, while float glass and thermal coal prices continue to rise. The film market shows significant improvement due to new releases during the summer season [2][13][31]. - The construction demand remains weak, leading to a decrease in steel prices and continued pressure on cement prices. However, float glass prices have seen an increase [5][15][42]. - The automotive and chemical industries are experiencing a seasonal slowdown in operating rates, while the oil asphalt sector shows a contrary increase, indicating resilience in infrastructure demand [2][5][15]. Group 2 - Real estate sales are still struggling, with a year-on-year decline of 20.8% in transaction area across 30 major cities. The decline is more pronounced in third-tier cities, with a drop of 37.0% [5][18]. - The average daily retail of passenger cars increased by 5.0% year-on-year, supported by the release of the third batch of national subsidies. However, dealer inventory pressure has slightly increased, raising concerns about the sustainability of this growth [5][21]. - The film box office revenue saw a significant increase of 49.0% week-on-week and a year-on-year growth of 64.8%, driven by the release of popular new films during the summer [5][31]. Group 3 - In the manufacturing sector, there is a seasonal slowdown in operating rates, particularly in the automotive and chemical industries, while oil asphalt production has increased, reflecting ongoing infrastructure demand [15][48]. - The prices of industrial metals have declined due to weak demand and the impact of tariffs on copper, with copper and aluminum prices dropping by 1.1% and 0.4% respectively [57][58]. - Long-distance passenger transport demand continues to grow, while export logistics show signs of decline, with highway freight traffic down by 0.9% and railway freight volume down by 1.4% [66][70].