1. 西南地区钢材物流市场出现区域性运费调整，四川、重庆部分钢厂直发及库房自提运费小幅上调，涨幅在4%-11%之间，而云南、贵州地区整体平稳。 2. 中钢协：3月中旬，重点统计钢铁企业粗钢平均日产202.7万吨，日产环比增长0.8%；钢材库存量1791万吨，环比上一旬增长0.6%，比上月同旬下降1.2%，比 去年同旬增长5.9%。 | 螺纹热卷早报20260326 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 螺纹 | | | | | | | 热卷 | | | | | | | | | | 期货 | | | | | | | 期货 | | | | | | | | 2026/3/25 2026/3/24 涨跌 | | | | | 2026/3/25 2026/3/24 涨跌 | | | 2026/3/25 2026/3/24 涨跌 | | | | | | | 2 | RB2605 31 ...

| 2026/3/24 | #### | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差率 | 2026-03-23 2026-03-20 涨跌 | 涨跌 | 涨跌 | 2026-03-23 2026-03-20 | 2026-03-23 2026-03-20 | 01基差 | I2701 | 762.5 | 759.0 | 3.5 | I01-I05 | -56.5 | -56.5 | 0.0 | 1 8 | 1 9 | - 1 | 2.30% | | | | | | | | | 05基差 | 819.0 | 815.5 | 3.5 | 32.5 | 34.5 | -2.0 | - 2 | -4.94% | I2605 | I05-I09 ...

美联储及欧英等多国央行货币政策转鹰预期或抑制铜价 有色金属周报-铜 2026年3月23日 研究所 王文虎 从业资格证号：F03087656 投资咨询从业资格证号：Z0019472 联系方式：021-51801878 电解铜 供给端：国内外多个铜矿生产存在扰动，使中国铜精矿进口指数持续为负，引导国内铜精矿供需预期偏 紧；国内粗铜或阳极板加工费较上周下降，中国废产阳极板产能开工率较上周下降，铜冶炼厂3月检修产能 环比增加。 需求端：中国和美国都在扩大电解铜或铜精矿战略储备，铜价下跌刺激终端提货需求使铜材加工企业订 单增加，精铜制杆、再生铜制杆、铜电线电缆、铜漆包线、铜板带、铜管、黄铜棒产能开工率较上周升高。 库存端：中国保税区电解铜库存量较上周减少；中国电解铜社会库存量较上周减少；伦金所电解铜库存 量较上周增加；COMEX铜库存量较上周减少；国内外电解铜总库存量较上周减少。 投资策略：中国铜精矿进口指数为负预示供给预期偏紧，国内电解铜社会库存量连续下降，但是美联储 及欧英日央行货币政策转鹰，或使沪铜价格有所调整，建议投资者暂时观望；关注沪铜在89000-92000附近 支撑位及98000-100000附近压力位， ...

2. 3月16日-3月20日，全国螺纹钢均价为3329元/吨，周环比下跌0.3%。供应端，螺纹钢周产量203.33万吨，库存889.41万吨，螺纹钢产量虽环比回升，但绝对 水平仍处于近五年农历同期低位，同时库存迎来下降拐点，厂库与社库均开始去化；需求端，消费量208.09万吨。 3. 3月20日，内蒙个别焦企对焦炭发起首轮提涨，湿熄焦价格上涨50元/吨，干熄焦价格上涨55元/吨，自3月23日零时起执行。 4. 上周，247家钢厂高炉炼铁产能利用率85.53%，环比上周增加2.61个百分点；钢厂盈利率42.42%，环比上周增加1.29个百分点；日均铁水产量228.15万吨，环 比上周增加6.95万吨。 5. 上周，全国94家独立电弧炉钢厂平均产能利用率56.57%，环比上升6.13个百分点，同比上升1.67个百分点；平均开工率66.89%，环比上升9.55个百分点，同 比下降5.04个百分点。 | | | | | | | | 螺纹热卷早报20260323 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

| | | | | | | | 螺纹热卷早报20260320 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 螺纹 | | | | | | | | 热卷 | | | | | | | | | 期货 | | | | | | | | 期货 | | | | | | | | 2026/3/19 2026/3/18 涨跌 | | | | 2026/3/19 2026/3/18 涨跌 | | | | 2026/3/19 2026/3/18 涨跌 | | | | | | | RB2605 | 3135 | 3140 | - 5 | HC05-RB05 | 167 | 170 | - 3 | HC2605 | 3302 | 3310 | - 8 | | | | | | RB2610 | 3163 | 3165 | - 2 | HC10-RB10 | 144 | 146 | - 2 | HC2610 | 3307 | 3311 | ...

| 2026/3/20 | #### | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差率 | 2026-03-19 2026-03-18 涨跌 | 涨跌 | 涨跌 | 2026-03-19 2026-03-18 | 2026-03-19 2026-03-18 | 01基差 | I2701 | 756.5 | 758.0 | -1.5 | I01-I05 | -51.0 | -53.0 | 2.0 | 1 6 | 1 8 | - 2 | 2.12% | | | | | | | | | 05基差 | I2605 | 807.5 | 811.0 | -3.5 | I05-I09 | 31.5 | 32.0 | -0.5 | 0 | -4.48% ...

| 2026/3/19 | #### | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-03-18 2026-03-17 涨跌 | 涨跌 | 涨跌 | 基差率 | 2026-03-18 2026-03-17 | 2026-03-18 2026-03-17 | 01基差 | 758.0 | 765.0 | -7.0 | -53.0 | -51.5 | -1.5 | 7 | 2.34% | I2701 | I01-I05 | 1 8 | 1 1 | | | | | | | | | 05基差 | I2605 | 811.0 | 816.5 | -5.5 | I05-I09 | 32.0 | 31.0 | 1.0 | -35 | -40 | 5 ...

【夜盘复盘】 期货：RB2605收于3137，RB2610收于3159，HC2605收于3310，HC2610收于3314。螺纹5-10价差收于-22元，热卷5-10价差-4元。5月合约卷螺差173元， 10月合约卷螺差155元。现货：上海中天螺纹3230（+10）元；上海本钢热卷3290（-）元。 【重要资讯】 | | | | | | | | 螺纹热卷早报20260319 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 螺纹 | | | | | | | | 热卷 | | | | | | | | 期货 | | | | | | | | 期货 | | | | | | | 2026/3/18 2026/3/17 涨跌 | | | | 2026/3/18 2026/3/17 涨跌 | | | | 2026/3/18 2026/3/17 涨跌 | | | | | | RB2605 | 3140 | 3148 | - 8 | HC05-RB ...

| | | | | | | | 螺纹热卷早报20260313 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 螺纹 | | | | | | | | 热卷 | | | | | | | | 期货 | | | | | | | | 期货 | | | | | | | 2026/3/12 2026/3/11 涨跌 | | | | 2026/3/12 2026/3/11 涨跌 | | | | 2026/3/12 2026/3/11 涨跌 | | | | | | RB2605 | 3120 | 3115 | 5 | HC05-RB05 155 | | 154 | 1 | HC2605 | 3275 | 3269 | 6 | | | | | RB2610 | 3149 | 3144 | 5 | HC10-RB10 135 | | 134 | 1 | HC2610 | 3284 | 3278 | 6 | | | | | RB2701 | 3174 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The steel market is in the post - holiday recovery stage, with both production and sales of the five major steel products increasing, and the total inventory continuing to accumulate seasonally, higher than the same period last year [3]. - Due to the production restrictions during the Two Sessions, the production and consumption of hot - rolled coils decreased, and the inventory - to - consumption ratio increased; while rebar showed a pattern of simultaneous growth in production and sales, with relatively limited inventory pressure and a better supply - demand structure than hot - rolled coils [3]. - Driven by the rise in crude oil prices, the chemical and other related commodity sectors are strong, and the black prices are rebounding. The expected increase in raw material costs is an important support for the recent rebound in steel prices [3]. - In the short term, before the demand is fully restored, the upper limit of rebar price should pay attention to the valley - electricity cost pressure (3138) [3]. Summary by Relevant Catalogs Futures Market - **Rebar Futures**: On March 9, 2026, RB2605 was at 3119, up 31 from March 6; RB2610 was at 3147, up 32; RB2701 was at 3174, up 33. The 05 - 10 spread was - 28, down 1; the 10 - 01 spread was - 27, down 1. The 05 - contract rebar disk profit was - 251, down 10; the 10 - contract was - 208, down 6; the 01 - contract was - 199, down 9 [1]. - **Hot - Rolled Coil Futures**: On March 9, 2026, HC2605 was at 3270, up 40 from March 6; HC2610 was at 3282, up 38; HC2701 was at 3291, up 28. The 05 - 10 spread was - 12, up 2; the 10 - 01 spread was - 9, up 10. The 05 - contract hot - rolled coil disk profit was - 150, down 1; the 10 - contract was - 123, unchanged; the 01 - contract was - 132, down 14 [1]. - **Night - Session Futures**: RB2605 closed at 3118, RB2610 at 3143, HC2605 at 3268, HC2610 at 3281. The rebar 5 - 10 spread was - 25 yuan, the hot - rolled coil 5 - 10 spread was - 13 yuan. The May - contract coil - to - rebar spread was 150 yuan, and the October - contract was 138 yuan [2]. Spot Market - **Rebar Spot**: On March 9, 2026, Shanghai Zhongtian rebar was 3190 yuan, up 30 from March 6; Nanjing Xicheng was 3340 yuan, up 20; Shandong Shiheng was 3300 yuan, up 10; Tangshan Tanggang was 3100 yuan, up 50. The cheapest delivery product was 3190 yuan [1]. - **Hot - Rolled Coil Spot**: On March 9, 2026, Tianjin Hegang hot - rolled coil was 3180 yuan, up 40 from March 6; Lecong Rigang was 3270 yuan, up 30; Shanghai Rigang was 3260 yuan, up 30. The cheapest delivery product was 3260 yuan [1]. - **Other Spot**: Tangshan billet was 2960 yuan, up 30; East China scrap steel was 2110 yuan, unchanged. Lecong Magang cold - rolled was 3720 yuan, up 20; Shanghai Magang cold - rolled was 3740 yuan, up 20 [1]. Important Information - On March 9, the national main - port iron ore trading volume was 68.70 tons, a 1.5% increase from the previous day; 237 mainstream traders' construction steel trading volume was 11.62 tons, a 60.1% increase [2]. - Since March 10, Shagang has raised the scrap steel price by 50 yuan/ton [2]. - From March 2 - 8, the global iron ore shipping volume was 2897.8 tons, a decrease of 442.9 tons from the previous period. The shipping volume from Australia and Brazil was 2342.1 tons, a decrease of 348.5 tons [2]. - From March 2 - 8, the arrival volume of iron ore at 47 Chinese ports was 2697.5 tons, an increase of 467.5 tons from the previous period [2]. - If the normal crude oil passage volume through the Strait of Hormuz is 15 million barrels per day and the replaceable volume of the Saudi - UAE pipeline is 4 million barrels per day, there will still be 11 million barrels per day of crude oil sea - transportation blocked. The global crude oil supply may temporarily drop to 94 million barrels per day, and the supply gap will reach 9.5 million barrels per day [3]. Trading Strategy - The trading strategy is to expect a volatile market [4]