| 冠 永安期货 | | --- | 废钢早报 研究中心黑色团队 2026/02/12 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/02/05 | 2194 | 2266 | 2063 | 2228 | 2212 | 2108 | | 2026/02/06 | 2194 | 2264 | 2063 | 2224 | 2215 | 2107 | | 2026/02/09 | 2191 | 2265 | 2063 | 2220 | 2215 | 2107 | | 2026/02/10 | 2190 | 2265 | 2063 | 2220 | 2215 | 2107 | | 2026/02/11 | 2190 | 2265 | 2063 | 2220 | 2215 | 2107 | | 环比 | 0 | 0 | 0 | 0 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的 ...

1. Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: February 12, 2026 [1] 2. Price Information Spot Prices - **LiuLin Main Coking Coal**: The latest price is 1483.00, with a monthly increase of 57.00 and an annual increase of 13.47% [2] - **Raw Coal Port Delivery Price**: The latest is 1018.00, down 7.00 daily, 42.00 weekly, 52.00 monthly, but up 13.74% annually [2] - **ShaHeYi Meng 5**: The latest price is 1400.00, with a monthly rise of 60.00 and an annual increase of 3.70% [2] - **AnZe Main Coking Coal**: The latest price is 1570.00, down 30.00 weekly, 50.00 monthly, but up 12.14% annually [2] International Spot Prices - **Peak Downs**: The latest is 224.00, with a weekly increase of 2.00, a monthly decrease of 5.50, and an annual increase of 22.60 [2] - **Goonyella**: The latest price is 224.00, with a weekly increase of 2.00, a monthly decrease of 6.50, and an annual increase of 22.90 [2] Futures Prices - **Futures 05**: The latest price is 1126.00, down 1.00 daily, 56.00 weekly, 73.50 monthly, but up 3.64% annually [2] - **Futures 09**: The latest price is 1204.50, with a weekly decrease of 51.50, a monthly decrease of 73.00, and an annual increase of 3.21% [2] - **Futures 01**: The latest price is 1378.50, up 0.50 daily, down 43.50 weekly, up 300.00 monthly, and up 12.03% annually [2] 3. Inventory Information - **Coal Mine Inventory**: The latest is 261.24, down 3.41 weekly, 11.13 monthly, and 32.95% annually [2] - **Port Inventory**: The latest is 272.76, down 13.62 weekly, 27.04 monthly, and 39.56% annually [2] - **Steel Mill Coking Coal Inventory**: The latest is 824.20, up 9.84 weekly, 26.47 monthly, and 2.42% annually [2] - **Coking Plant Coking Coal Inventory**: The latest is 1302.39, up 67.60 weekly, 230.71 monthly, and 34.55% annually [2] 4. Other Information - **Coking Capacity Utilization**: The latest is 72.20, up 0.34 weekly, down 0.49 monthly, and 1.14% annually [2] - **Coking Plant Coke Inventory**: The latest is 86.33, up 0.42 weekly, 0.66 monthly, but down 0.58% annually [2] Basis and Spread - **05 Basis**: The latest is 0.21, up 1.00 daily, 52.55 weekly, 48.21 monthly, and 71.99% annually [2] - **09 Basis**: The latest is -78.29, with a weekly increase of 48.05, a monthly increase of 47.71, and an annual decrease of 0.49 [2] - **01 Basis**: The latest is -252.29, down 0.50 daily, up 40.05 weekly, down 325.29 monthly, and up 0.17% annually [2] - **5 - 9 Spread**: The latest is -78.50, down 1.00 daily, 4.50 weekly, 0.50 monthly, and 0.02% annually [2] - **9 - 1 Spread**: The latest is -174.00, down 0.50 daily, 8.00 weekly, 373.00 monthly, and up 1.74% annually [2] - **1 - 5 Spread**: The latest is 252.50, up 1.50 daily, 12.50 weekly, 373.50 monthly, and 0.75% annually [2]

Group 1: Report Overview - Report Name: Iron Ore Morning Report [1] - Report Date: February 12, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Australian Mainstream Iron Ore - **Price Changes**: Newman powder, PB powder, Mac powder, and Jinbuba powder all decreased by 18 yuan compared to the previous week. The mixed powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week. The super special powder decreased by 16 yuan compared to the previous week. The car powder decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Newman powder was 11.15 yuan, Mac powder was 32.33 yuan, Jinbuba powder was 44.34 yuan, and the mixed powder was 0.57 yuan. The super special powder had a loss of -7.15 yuan, and the car powder had a loss of -6.52 yuan [3]. Brazilian Mainstream Iron Ore - **Price Changes**: The Brazilian mixed decreased by 29 yuan compared to the previous week, and Brazilian coarse IOC6 and Brazilian coarse SSFG decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of the Brazilian mixed was 6.60 yuan [3]. Non - mainstream Iron Ore - **Price Changes**: Ukrainian iron concentrate powder increased by 8 yuan compared to the previous day and decreased by 13 yuan compared to the previous week. The 61% Indian powder decreased by 18 yuan compared to the previous week. The Karara iron concentrate powder increased by 3 yuan compared to the previous day and decreased by 14 yuan compared to the previous week. Roy Hill powder decreased by 18 yuan compared to the previous week. The KUMBA powder decreased by 18 yuan compared to the previous week. The 57% Indian powder decreased by 16 yuan compared to the previous week. The Atlas powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Roy Hill powder was 58.64 yuan [3]. Others - **PB Lump/Ore Premium**: The price was 852 yuan, increasing by 2 yuan compared to the previous day and 2 yuan compared to the previous week. The premium was 0.0505, increasing by 0.01 compared to the previous day and 0.0275 compared to the previous week [3]. - **Ukrainian Pellets/Pellet Premium**: The price was 846 yuan, increasing by 8 yuan compared to the previous day and decreasing by 13 yuan compared to the previous week. The premium was 15.30, decreasing by 0.20 compared to the previous day and 0.20 compared to the previous week [3]. - **Domestic Ore**: The price of Tangshan iron concentrate powder was 963 yuan, remaining unchanged compared to the previous day and decreasing by 6 yuan compared to the previous week [3]. Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price was 733.5 yuan, increasing by 1.5 yuan compared to the previous day and decreasing by 20.0 yuan compared to the previous week. The monthly spread was 11.5 yuan. The basis was 61.5 yuan, decreasing by 1.5 yuan compared to the previous day and increasing by 0.3 yuan compared to the previous week [3]. - **i2605**: The latest price was 762.5 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.0 yuan compared to the previous week. The monthly spread was - 29.0 yuan. The basis was 32.5 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.7 yuan compared to the previous week [3]. - **i2609**: The latest price was 745.0 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.5 yuan compared to the previous week. The monthly spread was 17.5 yuan. The basis was 50.0 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.2 yuan compared to the previous week [3]. Singapore Exchange - **FE01**: The latest price was 97.24 US dollars, decreasing by 0.15 US dollars compared to the previous day and 2.80 US dollars compared to the previous week. The monthly spread was 1.24 US dollars. The difference between the domestic and foreign markets was - 27.4 yuan, increasing by 2.5 yuan compared to the previous day and 8.9 yuan compared to the previous week [3]. - **FE05**: The latest price was 99.66 US dollars, increasing by 0.10 US dollars compared to the previous day and decreasing by 2.43 US dollars compared to the previous week. The monthly spread was - 2.42 US dollars. The difference between the domestic and foreign markets was - 16.8 yuan, increasing by 0.5 yuan compared to the previous day and 7.1 yuan compared to the previous week [3]. - **FE09**: The latest price was 98.48 US dollars, decreasing by 0.08 US dollars compared to the previous day and 2.82 US dollars compared to the previous week. The monthly spread was 1.18 US dollars. The difference between the domestic and foreign markets was - 25.1 yuan, increasing by 2.9 yuan compared to the previous day and 10.1 yuan compared to the previous week [3].

价 格 和 利 润 | | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/02/12 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2026/02/05 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 2026/02/06 | 3100 | 3210 | 3320 | 3240 | 3400 | 3300 | | 2026/02/09 | 3100 | 3210 | 3320 | 3240 | 3400 | 3300 | | 2026/02/10 | 3100 | 3210 | 3320 | 3240 | 3400 | 3300 | | 2026/02/11 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津 ...

铅：跨市套利跟踪 2026/02/12 国内价格 LME价格 比价 现货 16625 1930 8.59 三月 16755 1978 12.43 均衡比价 盈利 现货进口 8.50 165.28 跨期套利跟踪 2026/02/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1030 1310 1480 1500 理论价差 608 1114 1628 2143 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 185 240 280 315 理论价差 225 356 487 618 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 225 295 360 405 理论价差 228 357 487 616 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 100 115 165 215 理论价差 208 312 417 521 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 6270 6570 6910 6960 锡 5-1 价差 1500 理论价差 8068 期现套利跟踪 2026/02/12 铜 当月合约-现货 次月合 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1. Basis and Calendar Spread - The Shandong basis (+80) (non-Jingbo) decreased from 10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The East China basis (Zhenjiang warehouse) decreased from 30 on 1/13 to -43 on 2/11, with a daily change of -30 [3]. - The South China basis (Foshan warehouse) decreased from -10 on 1/13 to -93 on 2/11, with a daily change of -30 [3]. - The 03 - 06 spread decreased from -15 on 1/13 to -12 on 2/11, with a daily change of -4 [3]. - The 04 - 06 spread increased from -11 on 1/13 to 3 on 2/11, with a daily change of 4 [3]. - The 06 - 09 spread remained at 31 on 2/11, with a daily change of 0 [3]. 3.2. Futures Contract Information - The BU主力合约 price increased from 3140 on 1/13 to 3373 on 2/11, with a daily change of 30 [3]. - The trading volume decreased from 409443 on 1/13 to 234042 on 2/11, with a daily change of 2427 and a decrease of 4 compared to the previous day [3]. - The open interest decreased from 434852 on 1/13 to 365458 on 2/11, with a daily change of -8941 and a decrease of 1 compared to the previous day [3]. - The contract value remained at 13580 from 2/5 to 2/11, with a daily change of 0 [3]. 3.3. Crude Oil and Asphalt Prices - The Brent crude oil price increased from 63.3 on 1/13 to 69.4 on 2/11, with a daily change of 0.7 [3]. - The Jingbo asphalt price decreased from 3260 on 2/5 to 3200 on 2/11, with a daily change of -10 [3]. - The Shandong (non-Jingbo) asphalt price remained at 3200 from 2/9 to 2/11, with a daily change of 0 [3]. - The Zhenjiang warehouse asphalt price remained at 3330 from 2/9 to 2/11, with a daily change of 0 [3]. - The Foshan warehouse asphalt price remained at 3280 from 2/9 to 2/11, with a daily change of 0 [3]. 3.4. Profit - The asphalt - Ma Rui profit decreased from 411 on 1/13 to 269 on 2/11, with a daily change of -31 [3]. 3.5. Weekly Changes - The weekly changes of various indicators are as follows: -104, -54, -54, -9, -7, 9, 34, -42033, -18419, 0, 1.8, -60, -70, -20, -20, -109 [6].

| | | 燃料油早报 研究中心能化团队 2026/02/12 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/05 | 365.13 | 411.49 | -9.29 | 658.02 | -246.53 | 22.58 | 46.36 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375.60 | 422.78 | -9.21 | 665.89 | -243.11 | 22.24 | 47.18 | | 2026/02/10 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For PTA, recent TA has turned to inventory accumulation, with its processing fees and PXN compressed. Considering the improved cash - flows of downstream sectors, limited PX supply increase at current valuations, and no significant load - up of TA plants, the valuation is becoming more reasonable. One can focus on phased positive spreads and long - allocation opportunities [2]. - For MEG, after the recent valuation of EG has been compressed again, the reduction in supply has further increased. Although short - term inventory accumulation continues, the certainty of inventory drawdown in the far - month is rising. During the production - expansion cycle, the overall elasticity is limited. One can focus on short - term put - selling opportunities [2]. - For polyester staple fiber, the downstream of staple fiber is expected to continue to weaken seasonally, and it has entered the pre - holiday load - reduction stage. The absolute inventory pressure is not large, with a low - to - medium valuation and weak driving force, and overall contradictions are limited. One should pay attention to the situation of warehouse receipts [2]. - For natural rubber, the main strategy is to wait and see [4]. 3. Summary by Product PTA - **Price and Basis**: The average daily basis of PTA spot transactions is 2605(-63). The basis has strengthened slightly, and the spot processing fee has weakened month - on - month. - **Device Changes**: Dushan Energy's 2.5 - million - ton plant is under maintenance. - **Supply and Demand**: Near - term TA plants have resumed operation, and the operating rate has increased month - on - month. Polyester load has continued to decline, and inventory has continued to accumulate [2]. MEG - **Price and Basis**: The basis of MEG spot transactions is around 05(-113). The basis has weakened slightly, and coal - based profits have shrunk. - **Device Changes**: Shanxi Wonen's 300,000 - ton plant is under maintenance. - **Supply and Demand**: Near - term domestic oil - based plants have resumed operation while coal - based plants are under maintenance. The overall operating rate has increased slightly, port inventory has continued to be obvious at the beginning of next week, and the forecast of arrivals this week has declined slightly [2]. Polyester Staple Fiber - **Price and Basis**: The spot price is around 6592, and the market basis is around 03 - 50. - **Device Changes**: There is no information on device maintenance this week. - **Supply and Demand**: Near - term plant maintenance before the holiday has continued, the operating rate has further declined to 77.7%, sales have remained weak, inventory has accumulated month - on - month, and spot processing fees have improved month - on - month. The operating rate on the polyester yarn side has continued to decline, raw material inventory and finished - product inventory have remained stable, and profits have remained the same month - on - month [2]. Natural Rubber - **Price Changes**: The weekly changes of some varieties are as follows: the price of US - dollar - denominated Thai standard rubber has increased by 10, Thai mixed rubber by 5, Shanghai full - latex rubber by 70, and the RU main contract by 190. - **Spread Changes**: The weekly changes of some spreads are as follows: the spread between mixed rubber and RU main contract has increased by 30, the spread between US - dollar - denominated Thai standard rubber and NR main contract by 79, and the spread between full - latex and mixed rubber by 90. - **Strategy**: The main strategy is to wait and see [4]. Styrene - **Raw Material and Product Prices**: The prices of ethylene (CFR Northeast Asia) have remained stable at 690. The price of pure benzene (CFR China) has decreased slightly, and the price of styrene (CFR China) has increased by 5 on a daily basis. - **Profit Changes**: The domestic profit of styrene has remained at 464, and the domestic profit of EPS has decreased by 15 on a daily basis [9].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The short - term outlook for the East China LPG market is expected to remain stable, with a possible slight decline in local transaction prices. The internal basis of the LPG market is still weak, and the downside risk for the civil LPG market during pre - holiday inventory clearance is limited due to the large price difference between propane and civil LPG. The 3 - 4 month spread is fairly valued, and the situation of warehouse receipts needs to be monitored. The external market remains tight in the short term, with high freight rates, and geopolitical factors and cold snaps are key factors that need continuous attention [1] Summary by Related Catalogs Daily Situation - The March - April spread rebounded, with the 3 - 4 month spread at - 275 (+22) and the 4 - 5 month spread at 89 (-2). Warehouse receipts remained unchanged. The East China market was generally stable, with mainstream transactions ranging from 4,150 to 4,800 yuan per ton. Market transportation capacity is gradually decreasing, and refineries are mainly focused on stabilizing inventory before the holiday, with a cautious attitude and limited willingness to adjust prices [1] Weekly Situation - The futures price fluctuated downward this week, mainly due to the decline in oil prices and the weak basis of PG. The basis strengthened by 163 to - 71 (calculated using Shanghai civil LPG), the 3 - 4 month spread was - 303 (-9), and the number of warehouse receipts was 6,902 lots (+1,035), with Wuchan Zhongda adding 1,000 lots. The current cheapest deliverable is Shanghai civil LPG at 4,150 (+30). The monthly spread of overseas paper goods increased, and the oil - gas price ratio fluctuated. The internal - external spread weakened, with PG - FEI c1 at 75.26 (-9.6), FEI - MB at 185.6 (+16.6), and FEI - CP at 10 (+13). Freight rates increased. The discount changed significantly due to contract roll - over, but the actual landed cost fluctuated weakly. The FEI - MOPI spread widened to - 44.75 (-15.75). PDH profit decreased. Port storage capacity decreased by 1.67 pct, and the number of incoming vessels decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct, and external sales increased by 0.94%. Chemical demand increased, with PDH operating rate at 62.66% (+1.94 pct), and Donghua Zhangjiagang and Ningbo Formosa Plastics increasing their loads. Yantai Wanhua Phase II is expected to resume next week. Although the temperature has slightly warmed up, it is still low, and the rigid demand for combustion is fair. As the Spring Festival approaches, the downstream restocking is coming to an end. It is expected that transportation capacity will decline next week, and factories will focus on inventory clearance [1]

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 705.0 2.0 5.0 -1.0 -45.0 25省终端可用天数 22.6 0.3 2.7 1.7 5.0 秦皇岛5000 623.0 4.0 8.0 4.0 -42.0 25省终端供煤 579.1 -7.4 -29.5 -61.0 -43.8 广州港5500 795.0 0.0 0.0 -15.0 -50.0 北方港库存 2276.0 -14.0 8.0 -353.0 -239.9 鄂尔多斯5500 500.0 0.0 0.0 0.0 -10.0 北方锚地船舶 78.0 -4.0 -9.0 -38.0 32.0 大同5500 555.0 0.0 0.0 0.0 -40.0 北方港调入量 147.4 -3.2 9.4 14.3 -1.2 榆林6000 670.0 0.0 0.0 -20.0 -7.0 北方港吞吐量 163.6 19.1 6.7 29.4 24.3 榆林6200 745.0 0.0 0.0 0.0 40.0 CBCFI海运指数 522.0 6.1 -16.1 -126.3 41.2 25省终端日耗 5 ...