1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - In the second and third quarters, the supply of live pigs will remain abundant, and the demand boost will be limited. The market supply - demand pattern will show an oversupply situation, with the overall fundamentals being weak. Pig prices will continue to be under pressure. Although the Dragon Boat Festival stocking, secondary fattening, and frozen product warehousing will provide some support to pig prices, the support may be limited. It is expected that future pig prices will maintain a low - level oscillation [7][127]. - It is expected that the main live pig contract in June may maintain a low - level oscillation. It is advisable to focus on the support around 13,000 yuan/ton. Operationally, it is recommended to mainly adopt a wait - and - see approach, while aggressive investors can consider trying to go long at low prices when the opportunity arises [7][8][129]. 3. Summary by Relevant Catalogs Price Analysis Futures Price - In May 2025, the price of the main live pig futures contract LH2509 fluctuated between 13,380 - 14,060 yuan/ton, showing a downward - oscillating trend and a slight decline for the month. As of the close on Friday, May 30, 2025, the main live pig contract LH2509 fell by 305 yuan/ton, a decrease of 2.19%, closing at 13,605 yuan/ton [5][12]. Spot Price - As of May 22, 2025, the national average live pig price was 14.93 yuan/kg, a decrease of 0.28 yuan/kg from the previous month. From a seasonal perspective, the current national average live pig price is at a relatively low level compared to the past five years [18]. - As of May 30, 2025, the average price of二元sows was 32.53 yuan/kg, a slight increase of 0.02 yuan/kg from the previous month. As of May 22, 2025, the average price of piglets was 39.01 yuan/kg, a decrease of 0.51 yuan/kg from the previous month [22]. - As of May 30, 2025, the prices of 20 - kg外三元piglets in Baoding, Hebei; Linyi, Shandong; and Kaifeng, Henan were 36 yuan/kg, 35.78 yuan/kg, and 35.63 yuan/kg respectively, all showing a slight decline from the previous week [26]. Supply - Demand Balance Situation Global Live Pig Supply - Demand Balance Situation - According to the USDA report, it is estimated that in 2024, the global live pig supply - demand gap was 16,369 thousand heads, a year - on - year decrease of 6,467 thousand heads. The global pork supply - demand gap was 1,434 thousand tons, a year - on - year increase of 594 thousand tons [33]. China's Live Pig Supply - Demand Balance Situation - According to the USDA report, it is estimated that in 2024, China's live pig supply - demand gap was - 20,000 thousand heads, a year - on - year decrease of 10,629 thousand heads. China's pork supply - demand gap was - 1,202 thousand tons, a year - on - year increase of 599 thousand tons [39]. Supply - Side Situation - As of March 2025, the national live pig inventory was 417.31 million heads, a year - on - year increase of 2.2%. From a seasonal perspective, the live pig inventory was at a relatively low level in history [45]. - As of April 2025, the national能繁sow inventory was 40.38 million heads, a decrease of 10,000 heads from the previous month, basically the same as the previous month; a year - on - year increase of 520,000 heads, an increase of 1.3%. From a seasonal perspective, the能繁sow inventory was at a relatively low level in history [50]. - As of March 2025, the national pork production was 16.02 million tons, a year - on - year increase of 190,000 tons, a decrease of 1.2%. From a seasonal perspective, the pork production was at the historical average level [55]. - In April 2025, China's monthly pork imports were 80,000 tons, a year - on - year decrease of 7.1% and a month - on - month decrease of 11.1%. From a seasonal perspective, the monthly import volume was at a relatively low level in the past five years [58]. Demand - Side Situation - In April 2025, the slaughter volume of designated live pig slaughtering enterprises in China was 30.77 million heads, a month - on - month increase of 140,000 heads, an increase of 0.46%. From a seasonal perspective, the monthly slaughter volume was at a relatively high level in the past five years [66]. - As of March 31, 2025, the cumulative output of major meats nationwide was 25.4 million tons, of which the cumulative pork output was 16.02 million tons, accounting for 63.07% [70]. Spread Analysis - As of May 29, 2025, the spread between the pork wholesale price and the white - striped chicken wholesale price was 3.48 yuan/kg, and the spread between the pork wholesale price and the mutton wholesale price was - 39.06 yuan/kg. From a seasonal perspective, the spread between the pork wholesale price and the white - striped chicken wholesale price was at a relatively low level in the past five years [78]. - As of May 29, 2025, the spread between the pork wholesale price and the beef wholesale price was - 42.96 yuan/kg, and the spread between the pork wholesale price and the egg wholesale price was 13.09 yuan/kg. From a seasonal perspective, the spread between the pork wholesale price and the beef wholesale price was at a relatively high level in the past five years [85]. Feed Supply - Demand Analysis - As of May 22, 2025, the average spot price of corn was 2.45 yuan/kg, a week - on - week increase of 0.82% and a year - on - year decrease of 3.54%. As of May 22, 2025, the average spot price of soybean meal was 3.51 yuan/kg, a week - on - week decrease of 2.77 and a year - on - year decrease of 6.4% [89]. - As of April 2025, the feed output was 26.64 million tons, a year - on - year increase of 5.4%. From a seasonal perspective, the feed output was at a relatively high level in history [95]. Breeding Benefit Analysis - As of May 30, 2025, the breeding profit of purchasing piglets was - 84.37 yuan/head. From a seasonal perspective, the breeding profit of purchasing piglets was at the historical average level [102]. - As of May 30, 2025, the breeding profit of self - breeding and self - raising live pigs was 35.65 yuan/head. From a seasonal perspective, the breeding profit of self - breeding and self - raising live pigs was at the historical average level [107]. - As of May 30, 2025, the breeding profit of broilers was - 0.38 yuan/bird. From a seasonal perspective, the breeding profit of broilers was at the historical average level [115]. Pig - Grain Ratio - As of May 30, 2025, the pig - grain ratio in China was 6.16, currently in the normal range [120]. Impact of Recent Tariff Policies on Pig Prices Recent Tariff Policies - Since March 10, 2025, China has imposed an additional 10% tariff on pork, beef, aquatic products, etc. originating from the United States as a counter - measure [121]. - Since March 20, 2025, China has imposed an additional 25% tariff on Canadian pork as a counter - measure [121]. - Since April 10, 2025, China has imposed an additional 34% tariff on all imported goods originating from the United States [121]. - Since April 10, 2025, China has adjusted the additional tariff rate on all imported goods originating from the United States from 34% to 84% [122]. - Since April 12, 2025, China has adjusted the additional tariff rate on all imported goods originating from the United States from 84% to 125% [122]. - Since May 14, 2025, China has adjusted the additional tariff measures on imported goods originating from the United States: the additional tariff rate has been adjusted from 34% to 10%, and the 24% additional tariff rate on the United States will be suspended for 90 days [123]. Impact on Pig Prices - In 2024, China's total imported pork was 1.07 million tons, accounting for only 2.29% of domestic pork production and 1.85% of domestic total demand, having a very limited impact on domestic supply and demand. In 2024, pork imported from the United States accounted for about 6.8% of the total imports, and pork imported from Canada accounted for about 10% of the total imports. Overall, the tariff policies have a small impact on China's live pig market and mainly boost market sentiment [124]. Fundamental Analysis - In May 2025, the national average live pig price decreased slightly from the previous month;二元sows increased slightly; and piglet prices decreased slightly from the previous month [125]. - Supply - side: At the end of April, the national能繁sow inventory was 40.38 million heads, basically the same as the previous month; a year - on - year increase of 1.3%. Calculated from the能繁sow inventory, the supply will continue to increase in the second and third quarters. In April 2025, the pork import volume decreased by 7.1% year - on - year and 11.1% month - on - month, reaching a historical low. In late May 2025, large - scale pig enterprises accelerated the slaughter rhythm, and the market volume of live pigs increased month - on - month. With the gradual increase in temperature, the enthusiasm of individual farmers to slaughter large pigs has increased, intensifying the phased supply pressure [125]. - Demand - side: At the end of April, the slaughter volume increased slightly month - on - month, reaching a historical high. The Dragon Boat Festival stocking showed some improvement, but the demand declined seasonally after the festival. With the gradual increase in temperature, the terminal demand was weak, and the procurement volume of households and the catering industry decreased month - on - month. At the same time, as pig prices fell, secondary fattening in the north also increased. White - striped meat dealers were waiting and seeing about future prices and mainly purchased based on rigid demand. The pork price lacked the driving force for an increase. Frozen products continued to be warehoused, but mainly passively, with less active warehousing [125][126]. - In terms of live pig breeding profit, in May 2025, the overall breeding profit showed a downward - oscillating trend. The breeding profit of purchasing piglets declined significantly from the previous month, turning from profit to loss; the breeding profit of self - breeding and self - raising live pigs decreased significantly from the previous month but remained in a profitable state [126].

报告日期：2025 年 6 月 3 日星期二 铜消费环比增长较快，全球精炼铜供需过剩局面得到缓解。中国 铜冶炼厂粗炼费（TC）、精炼费（RC）维持低位，加工费持续为负， 使得铜冶炼企业生产积极性受到影响。中国精炼铜产量持续保持增长， 增速有所扩大。精废铜价差保持稳定。铜材产量环比下降，同比继续 保持增长。 COMEX 铜累库明显 沪铜库存小幅上升，LME铜库存持续去库，COMEX铜累库明显。综 合来看，铜价可能以震荡行情为主。 风险提示：美联储政策变化超预期，经济数据变化超预期，铜需求变 化超预期。 铜月报 宏观面不确定性增大，沪铜或震荡运行 内容提要 美国关税政策不断变化 证监许可【2012】1087 号 有色研究员：刘江 1—4月份，全国规模以上工业企业实现利润总额21170.2亿元，同 比增长1.4%。连续两月出现同比增长，扭转了前期同比下降趋势。美 国国际贸易法院此前做出禁止执行特朗普政府依据《国际紧急经济权 力法》对多国加征关税措施的行政令的裁决后，美国联邦巡回上诉法 院批准特朗普政府的请求，暂时搁置上述裁决。 精炼铜产量保持增长 华龙期货投资咨询部 投资咨询业务资格： 期货从业资格证号：F0305 ...

Group 1: Report Core View - The weak performance of overseas markets during the "Dragon Boat Festival" may drag down the A-share market. It is expected that the A-share market will shift from the previous upward oscillation to a downward oscillation after the festival. Investors are advised to closely monitor market dynamics, flexibly adjust their position allocations, and reasonably control their position levels [1][15] Group 2: Market Performance - Last week, IF2506 closed at 3,822.4 points, down 13.0 points or 0.62% from the previous week. IH2506 closed at 2,667.2 points, down 25.8 points or 0.96% from the previous week [4] Group 3: Fundamental Analysis - On May 31, local time, the US Trade Representative's Office announced an extension of the tariff exemptions for some products in the Section 301 investigation into China's actions, policies, and practices regarding technology transfer, intellectual property, and innovation. These exemptions, originally set to expire on May 31, 2025, have been extended to August 31, 2025 [7] Group 4: Valuation Analysis - As of June 3, the PE of the CSI 300 Index was 12.46 times, with a quantile of 51.18%, and the PB was 1.3 times. The PE of the SSE 50 Index was 10.86 times, with a quantile of 72.16%, and the PB was 1.19 times. The PE of the CSI 1000 Index was 40.06 times, with a quantile of 59.8%, and the PB was 2.01 times [7] Group 5: Other Data - The equity - bond yield spread is the difference between the stock market yield and the government bond yield. There are two formulas for calculating the equity - bond yield spread: one is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [12]

研究报告 甲醇月报 基本面依旧偏弱，未来关注宏观 华龙期货投资咨询部 期货从业资格证号：F0295717 投资咨询资格证号：Z0011567 电话：15693075965 邮箱：2463494881@qq.com *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市风险自负。 研究报告 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 【行情复盘】 投资咨询业务资格： 证监许可【2012】1087 号 能化研究员：宋鹏 5 月，甲醇基本面依旧偏弱，5 月甲醇供给增加较为明显，而 甲醇下游主力产品产能利用率下降。供需偏弱，使得企业出货不 理想，进而导致甲醇企业库存上升。港口库存方面，由于进口增 加，使得 5 月甲醇港口库存同样上升。偏弱的基本面使得 5 月国 内甲醇价格下跌明显，进而导致甲醇企业利润下降。5 月外围甲 醇市场同样呈现需求不足，国际甲醇价格同样呈现下跌。 【后市展望】 报告日期：2025 年 6 月 3 日星期二 6 月预计甲醇产量将继续增加，供给端仍是甲醇的主 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint In May 2025, the price of soybean meal futures bottomed out and rebounded. The USDA report is bullish for U.S. soybeans, and as the North American production area enters a period sensitive to weather factors, the price of U.S. soybean futures is likely to rise. With a large number of Brazilian soybeans arriving at ports, the market supply has significantly recovered, and the operating rate of oil mills has rebounded sharply. The inventory of soybean meal has reached an inflection point, and the basis of soybean meal has rapidly declined from a high level and turned negative. The pressure from the weak far - month basis and inventory reconstruction is accumulating. Although the phased strength of U.S. soybean futures will still boost domestic soybeans, the rebound space of domestic soybean meal futures prices will be limited due to the large arrival of domestic soybeans, and the pattern of strong external and weak internal markets will continue [8][34][35]. 3. Summary by Directory Market Review In May 2025, the weighted price of soybean meal futures rose by 1.38% to close at 2946, and the weighted price of rapeseed meal rose by 3.34% to close at 2571. In the international market, the continuous price of U.S. soybeans fell by 0.17% to close at 1042.25, and the price of U.S. soybean meal fell by 0.44% to close at 296.10 [6][9]. Fundamental Analysis - **USDA Report on U.S. Soybeans**: In the 2025/26 season, the U.S. soybean planting area is 83.5 million acres, a year - on - year decrease of 3.6%; the estimated yield per unit is 52.5 bushels per acre, a year - on - year increase of 3.5%; the soybean production is estimated to be 4.34 billion bushels, a year - on - year decrease of 0.6%. The estimated soybean crushing volume is 2.49 billion bushels, a year - on - year increase of 2.9%. The export volume is expected to drop to 1.815 billion bushels, a year - on - year decrease of 1.9%. The ending inventory of soybeans is expected to be 295 million bushels, a year - on - year decrease of 15.7%. The inventory - to - use ratio is estimated to be 6.7%, lower than 8.0% in the 2024/25 season, indicating a tightening supply [18]. - **Global Soybean Supply and Demand**: In the 2025/26 season, the global soybean production is estimated to be 427 million tons, a year - on - year increase of 5.95 million tons, mainly contributed by the increase in Brazilian soybean production; the import volume is 186 million tons, a year - on - year increase of 8.66 million tons; the crushing volume is 366 million tons, a year - on - year increase of 12.3 million tons; the export volume is 188 million tons, a year - on - year increase of 7.56 million tons; the global ending inventory of soybeans is 124 million tons, a year - on - year increase of 1.15 million tons [7][21]. - **Other Data**: As of May 25, 2025, the soybean meal inventory of oil mills was 215,800 tons, a month - on - month increase of 89,300 tons, and the inventory was at a historically low level. As of May 30, 2025, the breeding profit of purchased piglets was - 84.37 yuan per head, and the profit was at a historically high level. As of April 2025, the feed production was 26.64 million tons, a year - on - year increase of 5.4%, and the feed production was at a historically high level [25][27][28]. Cross - Variety Analysis - As of May 30, 2025, the spot crushing profit of domestic soybeans in Heilongjiang was - 142.3 yuan per ton, and the spot crushing profit of imported soybeans in Jiangsu was 39.4 yuan per ton, with the latter at an average level. - As of May 30, 2025, the price ratio of the main futures contracts of Dalian soybean oil and soybean meal was 2.57, and the ratio was at a historically high level. - As of May 30, 2025, the price ratio of the main futures contracts of Zhengzhou rapeseed meal and Dalian soybean meal was 0.89, and the price difference was - 331 yuan per ton [30][32][33]. Outlook The focus is on whether the export demand for U.S. soybeans can recover. The USDA report is bullish for U.S. soybeans, and the price of U.S. soybean futures is likely to rise. With the arrival of a large number of Brazilian soybeans, the supply has recovered, the operating rate of oil mills has increased, and the soybean meal inventory has reached an inflection point. The basis of soybean meal has declined and turned negative. The pressure from the weak far - month basis and inventory reconstruction is increasing. Although the strength of U.S. soybean futures will boost domestic soybeans, the rebound space of domestic soybean meal futures prices will be limited, and the pattern of strong external and weak internal markets will continue [8][34][35].

投资咨询业务资格： 证监许可【2012】1087 号 研究报告 橡胶周报 供需宽松消息扰动，盘面或将偏弱运行 期货从业资格证号：F0305828 投资咨询资格证号：Z0011566 电话：0931-8894545 邮箱：2367823725@qq.com 本报告中所有观点仅供参 的免责声明。 摘要： 【行情复盘】 研究员：张正卯 上周天然橡胶主力合约 RU2509 价格在 13400-14545 元/吨 之间运行，上周期货价格震荡下行，总体大幅下跌。 截至 2025 年 5 月 30 日上周五下午收盘，天然橡胶主力合 约 RU2509 报收 13405 元/吨，当周下跌 11300 点，跌幅 7.77%。 后续重点关注橡胶主产区天气扰动情况、零关税政策推进 情况、欧盟反倾销调查最新进展和中美关税变化情况。 【操作策略】 考，请投资者务必阅读正文之后 预计天然橡胶期货主力合约本周或将维持震荡偏弱运行。 操作上，可考虑逢反弹轻仓试空，入场时做好止损。 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View - The stock index futures market in May showed an overall upward trend but is shifting from strong to weak oscillations. The domestic economic data in May was divergent, and the overseas economic situation was complex. Although the market has some short - term upward momentum, it faces significant domestic and foreign pressures in the medium term. Investors should closely monitor economic data and policy dynamics, adjust investment strategies flexibly, control risks effectively, and seize structural market opportunities [23][24] 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, IC2506 closed at 5,627.8 points, up 130.8 points or 2.38% from the previous month. IM2506 closed at 5,966.0 points, up 164.6 points or 2.84% from the previous month [5] 3.2 Economic Indicator Analysis - In May, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month, indicating an improvement in the manufacturing's prosperity level [6] - In May, the non - manufacturing business activity index was 50.3%, down 0.1 percentage points from the previous month. It remained above the critical point, and the non - manufacturing sector continued to expand [8] - In May, the composite PMI output index was 50.4%, up 0.2 percentage points from the previous month, showing that the overall production and business activities of Chinese enterprises continued to expand [10] 3.3 Valuation Analysis - As of June 2, the PE of the CSI 500 Index was 28.65 times, the percentile was 65.96%, and the PB was 1.77 times. The PE of the CSI 1000 Index was 39.26 times, the percentile was 57.06%, and the PB was 2.05 times [14] 3.4 Other Data - The current "total market value/GDP" percentile in historical data is 58.18%, and in the last 10 - year data, it is 48.39% [21]

螺纹周报 研究报告 华龙期货投资咨询部 投资咨询业务资格： 证监许可【2012】1087 号 黑色板块研究员：魏云 期货从业资格证号：F3024460 投资咨询资格证号：Z0013724 电话：17752110915 邮箱：497976013@qq.com 报告日期：2025 年 6 月 3 日星期二 据此入市风险自负。 本报告中所有观点仅供参 的免责声明。 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作 任何保证。本文中的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考， 考，请投资者务必阅读正文之后 一、价格分析 （一）期货价格 （二）现货价格 螺纹钢现货价 摘要： 行情回顾：上周螺纹 2510 合约下跌 3.08%。 基本面：据我的钢铁网数据，上周螺纹钢周度产量 225.51 万吨，环比下降 5.97 万吨，钢厂库存 186.46 万吨， 环比下降 1.3 万吨，社会库存 394.59 万吨，环比下降 21.87 万吨，钢材五大品种周度产量 880.85 万吨，环比上升 8.41 万吨，库存合计 1365.6 万吨，环比下降 32.94 万吨，表观需 求 913. ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market expectation for methanol has not improved, and methanol is likely to continue its weak and volatile trend. It is recommended to wait and see for the time being [8][9][39]. 3. Summary by Directory 3.1 Methanol Trend Review - Last week, methanol futures fluctuated downward. By Friday afternoon's close, the weighted methanol price was 2,235 yuan/ton, a 2.74% decrease from the previous week [11]. - In the spot market, the main trading logic shifted from the macro - level to the fundamental level. Due to the expected increase in supply, the market was under pressure. Although there was some support from downstream procurement and device startups, it was weak. As of May 22, the methanol price in Jiangsu Taicang was 2,334 yuan/ton, down 4.34%; in Guangdong, it was 2,356 yuan/ton, down 1.79%; in Ordos North Line, it was 2,069 yuan/ton, down 2.22%; and in Shandong Jining, it was 2,274 yuan/ton, down 1.81% [11]. 3.2 Methanol Fundamental Analysis - **Production**: Last week, there were more maintenance than restart operations in domestic methanol production. The production volume was 1,961,475 tons, a decrease of 29,580 tons from the previous week, and the capacity utilization rate was 87.04%, a 1.62% decrease [12]. - **Demand**: In the downstream, the capacity utilization rate of MTO devices in the Jiangsu - Zhejiang region increased significantly. As of May 22, the weekly average capacity utilization rate of MTO devices in the Jiangsu - Zhejiang region was 68.78%, a 9 - percentage - point increase from the previous week. The capacity utilization rates of dimethyl ether, glacial acetic acid increased, while those of chlorides and formaldehyde decreased slightly [16][17]. - **Inventory**: As of May 21, the inventory of Chinese methanol sample production enterprises was 336,000 tons, a 0.07% increase from the previous period, and the pending orders were 235,200 tons, a 14.03% decrease. The port sample inventory was 490,400 tons, a 1.34% increase [21][29]. - **Profit**: Last week, the profits of domestic methanol sample production enterprises showed mixed trends but generally declined. For example, the average profit of coke - oven gas in Hebei was 273 yuan/ton, a 13.79% decrease; the average profit of coal - to - methanol in Inner Mongolia was 237.70 yuan/ton, a 2.74% decrease [30]. 3.3 Outlook for Methanol Trends - **Supply**: This week, there will be more restarts than maintenance in methanol production enterprises. It is expected that the production volume will be about 1.9674 million tons, and the capacity utilization rate will be about 87.30%, an increase from last week [34]. - **Demand**: The start - up of the methanol - to - olefins industry has increased, and methanol demand has improved. However, the capacity utilization rates of some downstream products such as acetic acid and chlorides are expected to decline [37][38]. - **Inventory**: The inventory of Chinese methanol sample production enterprises is expected to be 337,000 tons, an increase from last week. The port inventory is also expected to continue to accumulate due to sufficient imports [38].

螺纹周报 研究报告 中期震荡为主，短线或有走弱风险 | 华龙期货投资咨询部 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格： | | | | | | 证监许可【2012】1087 号 | | | | | | 黑色板块研究员：魏云 | | | | | | 期货从业资格证号：F3024460 | | | | | | 投资咨询资格证号：Z0013724 | | | | | | 电话：17752110915 | | | | | | 邮箱：497976013@qq.com | | | | | | 报告日期：2025 26 | 年 | 5 | 月 | 日星期一 | 据此入市风险自负。 本报告中所有观点仅供参 的免责声明。 摘要： 行情回顾：上周螺纹 2510 合约下跌 1.74%。 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作 任何保证。本文中的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考， 考，请投资者务必阅读正文之后 基本面：据世界钢铁协会，4 月全球粗钢产量同比下降 0.3%，至 1.557 亿吨；其中，中国钢铁 ...