Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current supply - demand of finished products is in a weak balance, with limited price drivers. The previous rebound was mainly driven by the expected increase in raw material costs. After the basis convergence, the upward momentum has slowed. The market is in a stage of cost - demand game, lacking trend - upward momentum. Short - term trading should follow a volatile approach and be cautious [3]. Group 3: Summary of Key Data Futures Data - On March 31, 2026, RB2605 was at 3121 (down 18 from March 30), RB2610 at 3146, RB2701 at 3168 (down 20 from March 30); HC2605 was at 3294 (down 14 from March 30), HC2610 at 3310 (down 13 from March 30), HC2701 at 3312 (down 11 from March 30) [1]. - Night - session: RB2605 closed at 3124, RB2610 at 3149, HC2605 at 3294, HC2610 at 3312. The spread between RB05 and RB10 was - 25 yuan, the spread between HC05 and HC10 was - 18 yuan. The spread between HC05 and RB05 was 170 yuan, and between HC10 and RB10 was 163 yuan [2]. Spot Data - On March 31, 2026, Shanghai Zhongtian threaded steel was 3190 yuan (down 10 from March 30), Shanghai Bengang hot - rolled coil was 3280 yuan (down 10 from March 30) [1][2]. Other Data - From March 23 to March 29, the total iron ore inventory at seven major ports in Australia and Brazil was 1.2737 billion tons, a decrease of 120,700 tons from the previous period [2]. - In March, China's manufacturing, non - manufacturing, and comprehensive PMI output indices all returned to the expansion range, at 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [2]. - On March 31, the iron ore transactions at major ports in China were 1.173 million tons, a 98.5% increase from the previous day; 237 mainstream traders' construction steel transactions were 86,000 tons, a 17.27% decrease from the previous day [2]. - As of now, there are about 300 coking production enterprises in China, with about 210 independent coking enterprises and 90 steel - mill - supporting coking enterprises, and the total coke production capacity is about 570 million tons [2]. - In mid - March, the output of key coal - monitoring enterprises was 67.56 million tons, a 4.8% increase from early March and a 3.9% increase year - on - year; the cumulative output in early and mid - March was 132 million tons, a 2.6% increase year - on - year [2]. Group 4: Trading Strategy - Adopt a volatile trading strategy [3]

Report Industry Investment Rating - The report gives a short - term volatile market rating for p - xylene (PX), purified terephthalic acid (PTA), and monoethylene glycol (MEG) [1] Core Viewpoints - PX is in a short - term volatile market due to the conflict between high raw material costs and weak downstream demand. It is recommended to go long on SC and short on PX, and go long on BZ and short on PX. Consider buying on dips [8] - PTA is in a cost - demand game. Don't chase the high, buy on dips, and maintain positive spreads when the 5 - 9 month spread is below 50 yuan/ton. It is expected to be strong in the medium - term, and pay attention to the long EB and short PTA hedge [8][9] - MEG is in a short - term high - level volatile market. Supply is decreasing, imports will shrink in April, and port inventory is expected to be depleted faster. The unilateral price is still strong, and maintain positive spreads for the 5 - 9 month spread [9] Summary by Related Contents Futures and Spot Market Data - Futures: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous day were 9700, 6684, 5218, 8246, and 740.6 respectively, with changes of - 140, - 84, - 141, - 96, and - 22.9, and percentage changes of - 1.42%, - 1.24%, - 2.63%, - 1.15%, and - 3.00% [1] - Spot: The prices of PX CFR China, PTA in East China, MEG spot, MOPJ naphtha, and Dated Brent on the previous day were 1251.67 dollars/ton, 6660 yuan/ton, 5275 yuan/ton, 1207.5 dollars/ton, and 123.48 dollars/barrel respectively, with changes of - 24 dollars/ton, - 170 yuan/ton, - 154 yuan/ton, 1 dollar/ton, and 2.98 dollars/barrel [1] - Spot processing fees: The PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread on the previous day were 120.67 dollars/ton, 133.46 yuan/ton, - 133.31 yuan/ton, 570.09 yuan/ton, and - 4.34 dollars/ton respectively, with changes of - 14.5 dollars/ton, 11.12 yuan/ton, - 192 yuan/ton, - 75.54 yuan/ton, and 0 dollars/ton [1] Market Conditions - PX: On March 31, the PX price dropped. The PX - naphtha spread narrowed. The naphtha market was relatively strong in the short - term [1][4] - PTA: A 2.5 - million - ton PTA plant in South China reduced its load to 60 - 70% [4] - MEG: Affected by the Tomb - Sweeping Festival, the statistical period was extended to April 6. A 200,000 - ton/year syngas - to - ethylene glycol plant in Henan was restarting [5] - Polyester: A 100,000 - ton polyester plant in Xiaoshan shut down for maintenance. The sales of polyester yarn in Jiangsu and Zhejiang on March 31 were weak, and the sales of direct - spun polyester staple fiber were also light [5] - Textile and clothing: From January to February 2026, online retail sales of goods and services were 3,254.58 billion yuan, a year - on - year increase of 9.2%. Online retail sales of wearing goods increased by 18% [6] Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is - 1, indicating a weak outlook [7]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - PX, PTA, and MEG are in a short - term volatile market, and their medium - term trends are still strong. The supply of MEG is tight, and its medium - term trend is also strong [2] - For PX, due to the contradiction between high raw material costs and weak downstream demand, the unilateral price is volatile and strong. It is recommended to go long on SC and short on PX, and go long on BZ and short on PX. When the 5 - 9 spread is below 100 yuan/ton, consider positive arbitrage [8] - For PTA, with the game between cost and demand, it is not advisable to chase high prices. Instead, buy on dips. The unilateral price is volatile and strong. When the 5 - 9 spread is below 50 yuan/ton, maintain positive arbitrage. It is recommended to go long on EB and short on PTA [9] - For MEG, due to the direct lack of supply, the trend is relatively strong. The unilateral price is still strong, and the 5 - 9 spread maintains positive arbitrage [9] Summary by Related Catalogs PX - **Price Information**: The PX futures' yesterday's closing price was 9840, with a decline of 76 and a drop - rate of 0.77%. The 5 - 9 spread's yesterday's closing price was 242, up 32 from the previous day. The PX CFR China's yesterday's price was 1275.67 dollars/ton, up 12 dollars from the previous day. The PX - naphtha spread's yesterday's price was 120.67, down 14.5 from the previous day [4] - **Device Conditions**: A 100 - million - ton PX device in East China is expected to stop for maintenance tomorrow as planned and restart in early May. Another 70 - million - ton PX device's maintenance plan has been postponed, and the specific time is to be followed up [5] - **Market Situation**: The naphtha price rose at the end of the session. On March 30, the PX price increased, with three May Asian spot orders成交 at 1281, 1282, and 1282 respectively. The PX valuation on March 30 was 1276 dollars/ton, up 13 dollars from last Friday [4] PTA - **Price Information**: The PTA futures' yesterday's closing price was 6768, with a decline of 108 and a drop - rate of 1.57%. The 5 - 9 spread's yesterday's closing price was 88, down 32 from the previous day. The PTA's East China spot price was 6830 yuan/ton yesterday, up 100 yuan from the previous day. The PTA processing fee's yesterday's price was 133.46, up 11.12 from the previous day [4] - **Device Conditions**: A 70 - million - ton PTA device in Taiwan, China restarted last weekend [5] - **Market Situation**: The PTA supply is sufficient, with the operating rate rising to around 82%. The downstream polyester operating rate has dropped to 86.9%. In the short term, the oversupply will affect the April contract and the early - April trend. However, in April, the PTA inventory will decline rapidly due to the reduction of PX supply [9] MEG - **Price Information**: The MEG futures' yesterday's closing price was 5359, with an increase of 80 and a rise - rate of 1.52%. The 5 - 9 spread's yesterday's closing price was 125, down 21 from the previous day. The MEG spot price was 5429 yesterday, up 259 from the previous day [4] - **Device Conditions**: On March 30, the MEG port inventory in some main ports in East China was about 1.075 billion tons, up 360,000 tons from the previous period. A 60 - million - ton unit of a 1.8 - billion - ton/year syngas - to - ethylene - glycol device in Shaanxi restarted and produced normally recently, and the second 60 - million - ton unit is planned to stop for maintenance on April 15 for about 20 days [5][6] - **Market Situation**: The ethylene - glycol supply will decrease significantly in April. The import volume will shrink, and the export from China will increase. The domestic ethylene - glycol device operating rate has dropped from 80% before the holiday to around 66%, and the coal - based devices are in the spring - maintenance stage, so the port inventory is expected to be depleted faster [9] Polyester - **Device Conditions**: The maintenance plan of a 30 - million - ton polyester device in a factory in Fujian was cancelled [6] - **Market Situation**: The sales of polyester yarn in Jiangsu and Zhejiang on March 30 were generally weak, with an average sales - to - production ratio of about 20% by 4 pm. The sales of direct - spun polyester staple fiber factories were also weak, with an average sales - to - production ratio of 43% by 3 pm. However, the sales of polyester yarn in Jiangsu and Zhejiang were strong over the weekend, with an average sales - to - production ratio of about 200% [6][7]

Group 1 - The main contract price of casting aluminum alloy futures reached a high of 24,410 yuan/ton last Friday but has since experienced a significant decline due to panic in the precious metals market and expectations of a hawkish shift in the Federal Reserve's monetary policy, leading to a stronger dollar that suppresses commodity prices denominated in dollars [1] Group 2 - In 2025, China's waste aluminum market is expected to show an increase in volume and price stability, with domestic recycling systems growing and imports remaining strong to supplement raw material supply. The total waste aluminum recycling volume is projected to reach 8.5927 million tons, a year-on-year increase of 14.6% [2] - The waste aluminum import volume for 2025 is expected to be 2.01 million tons, a year-on-year increase of 11.67%, with December imports showing a significant increase of 19.36% month-on-month and 22.82% year-on-year, driven by policies encouraging high-quality recycled material imports and strong domestic demand [2] Group 3 - As of January 29, the waste aluminum market is characterized by a "price without market" situation, with prices rising significantly but actual transactions remaining weak due to supply and demand weaknesses. Supply has tightened due to tax policy adjustments and holiday closures, while demand is suppressed by environmental production limits and rapid price increases [3] Group 4 - The domestic recycled aluminum alloy market is entering a seasonal off-peak period, with significant internal structural differentiation. In December 2025, the production of recycled aluminum alloy ingots was 640,400 tons, a month-on-month decrease of 6.16% [5] - The operating rate of the recycled aluminum alloy industry has continued to decline, reaching 58.9% as of January 29, with expectations of further decreases before the Spring Festival. Social inventory has been decreasing, while factory inventory has been accumulating due to weak demand [5] Group 5 - The outlook for casting aluminum alloy futures prices is expected to be characterized by weak fluctuations, constrained by strong cost support and weak fundamental demand. The solid cost support comes from tight supply of core raw materials and high aluminum prices, while weak demand limits upward price movement [6]

Core Viewpoint - The stainless steel market is experiencing price fluctuations driven by raw material costs, particularly nickel, while demand remains weak due to seasonal factors [3] Supply - In December, the estimated crude steel production from 43 domestic stainless steel mills was 3.2671 million tons, a month-on-month decrease of 226,000 tons (6.47%) and a year-on-year decrease of 5.09% [2] - The production forecast for January is 3.327 million tons, reflecting a month-on-month increase of 1.83% and a year-on-year increase of 16.27% [2] - The 300 series production is expected to decrease by 2.5% month-on-month but increase by 9.78% year-on-year [2] Inventory - Social inventory is decreasing, but high inventory levels remain a concern, with warehouse receipts continuing to trend downward [2] - As of January 9, the social inventory of the 300 series in Wuxi and Foshan was 457,400 tons, a week-on-week decrease of 15,000 tons [2] - On January 12, stainless steel futures inventory was 47,301 tons, a week-on-week decrease of 92 tons [2] Market Dynamics - The stainless steel market is showing strong fluctuations, primarily influenced by nickel prices, with downstream enterprises continuing to purchase based on demand [3] - The Indonesian government's indecision regarding nickel mining quotas has led to sustained market sentiment, despite previous expectations of supply reductions not materializing [3] - Nickel prices have risen, with the Philippine Benguet mine's 1.25% nickel auction reaching $32.5, reflecting an increase [3] - Nickel pig iron prices have also increased, with mainstream transaction prices around 950 yuan per nickel [3] - The chromium market remains firm due to limited resource circulation and slowed supply growth [3] Short-term Outlook - The market is expected to experience a period of adjustment, with a reference range for the main contract set between 13,400 and 14,200 [4]