Core Insights - The price tracking system for important production materials indicates that as of mid-September 2025, out of 49 major production materials, 21 have seen price increases, 25 have decreased, and 3 remained stable, reflecting supply-demand improvements and seasonal demand support [2][3] Price Changes by Industry Segment - Upstream prices are showing strength, particularly in coal (including anthracite and various blends), non-ferrous metals (copper, aluminum, lead, zinc), certain chemicals (methanol, PVC, and petroleum benzene), and agricultural products (soybeans, peanuts, natural rubber, corrugated paper), indicating a favorable supply-demand balance [2][3] - Downstream prices are under pressure, especially in agricultural products (rice, wheat, cotton, live pigs), black metals (seamless steel pipes), certain chemicals (sulfuric acid, liquid alkali, polypropylene, polyester filament, urea), energy (liquefied natural gas, paraffin, refined oil), and construction materials (cement, pulp), reflecting weak downstream demand and significant supply pressures [2][3] Year-on-Year Data Analysis - The year-on-year data shows a continued pattern of "upstream pressure, midstream differentiation, and weak downstream" [3] - Upstream coal prices have dropped by 20% to 25%, with coke down over 10%, while energy remains sluggish; agricultural products like corn, soybeans, and cotton have seen slight increases, but live pig prices have fallen by over 30% [3] - Midstream steel prices have turned positive (+8% to +9%), with copper and aluminum maintaining high levels, while chemicals show significant differentiation, with sulfuric acid rising over 50% but PVC, polypropylene, and urea declining by 5% to 25% [3] Price Trends Across Different Industry Chains - As of September 2025, price trends across industry chains show differentiation: upstream coal stabilizing, slight recovery in thermal coal, weakness in international crude oil and natural gas, and fluctuations in iron ore at high levels, with copper and aluminum remaining strong while zinc and nickel face pressure [4] - The midstream composite index has slightly declined, with LME copper and aluminum remaining robust, while construction materials continue to decline; PVC has seen a slight recovery, and shipping rates (BDI) have surged, while polyester is down and viscose has rebounded [4] Industry Price Sentiment Tracking - In September, the industry chain continues to show price differentiation, with notable increases in upstream equipment, electrical machinery, new energy, information technology, and automotive materials, while chemicals and non-ferrous metals show phase strength leading to midstream cost increases [5] - Profitability in sectors like new energy and high-end equipment is expanding, while margins in textiles, chemical fibers, and non-metallic construction materials remain under pressure; the real estate and infrastructure sectors are in a recovery phase [5]