Report Overview - The report focuses on the weekly market trends of treasury bond futures, including price movements, yield curve changes, and influencing factors, and provides market logic and trading strategies [26] 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - After the short - term sharp decline this week, treasury bond futures prices may stabilize. The anti - involution policy implementation may be relatively mild, and the short - term rapid rise in the commodity futures market may end. The stock - bond seesaw may reappear, and the results of the upcoming economic talks and the Politburo meeting are worth attention. The trading strategy is for trading - type investments to conduct band operations [26] 3. Summary by Related Catalogs 3.1 Treasury Bond Futures Weekly Market Review - This week, the main contracts of treasury bond futures fell continuously with significant retracements. The 30 - year treasury bond dropped 2.14%, the 10 - year dropped 0.58%, the 5 - year dropped 0.41%, and the 2 - year dropped 0.12% [4] 3.2 Changes in Treasury Bond Spot Yield Curve - As of July 25, compared with July 18, the treasury bond spot yield curve shifted upward overall. The 2 - year yield rose from 1.38% to 1.44%, the 5 - year from 1.53% to 1.60%, the 10 - year from 1.67% to 1.73%, and the 30 - year from 1.89% to 1.97% [6] 3.3 Market Risk Preference and Related Influencing Factors - This week, market risk preference increased, showing an obvious stock - bond seesaw effect [9] - Since July, the decline rate of the national new - home sales area has accelerated. From January to March, the average daily transaction area of commercial housing in 30 large - and medium - sized cities was 236,000 square meters, a year - on - year increase of 2.5%. In April, it was 230,000 square meters, a 12% year - on - year decrease. In May, it was 260,000 square meters, a 3% decrease. In June, it was 310,000 square meters, an 8.4% decrease. From July 1 to 25, it was 200,000 square meters, a 20% decrease [12] - In the first half of July, the China Containerized Freight Index (CCFI) declined slightly, with a faster decline in the US - West route. The CCFI US - West route index reached a recent high of 1256.91 on June 20 and then declined. The CCFI composite index reached a recent high of 1369.34 on June 27 and fell to 1261.35 on July 25 [15] - On July 18, the Ministry of Industry and Information Technology announced that multiple anti - involution and stable - growth policies would be introduced, driving up the prices of domestic - demand - oriented bulk commodities and the Nanhua Industrial Products Index [18] 3.4 Commodity Market Conditions - On Friday night, the prices of coking coal and coke dropped significantly. After five consecutive days of rapid price increases in the first five days of this week, coking coal prices dropped sharply on Friday night after the exchange issued a risk warning, indicating that the short - term rapid rise may end [21] 3.5 Capital Interest Rate Situation - This week, the fluctuation of capital interest rates increased. The weighted average of DR001 was 1.44% this week, compared with 1.47% last week. DR001 rose from a weighted average of over 1.3% in the first three days to 1.65% and 1.52% on Thursday and Friday. The weighted average of DR007 was 1.54% this week, compared with 1.53% last week. The average issuance interest rate of one - year AAA inter - bank certificates of deposit was 1.65% this week, compared with 1.63% last week [24] 3.6 Market Logic and Trading Strategies - Market Logic: The announcement of anti - involution policies increased market risk preference, causing stocks and commodity futures to rise and treasury bond futures to fall. The economic fundamentals still face challenges in terms of demand. The short - term rapid rise in the commodity futures market may end, and treasury bond futures prices may stabilize after a sharp decline. The stock - bond seesaw may reappear, and the results of the economic talks and the Politburo meeting are worth attention [26] - Trading Strategy: Band operations for trading - type investments [26]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The steel and ore prices have risen rapidly recently, driven by macro - expectations and anti - involution expectations. The medium - term trend is expected to be strong, with the rebar main contract likely to break through 3400, and iron ore performing weaker than finished products. There may be adjustments after the short - term rapid rise. The market may have reversed rather than just rebounded. [5][6] Group 3: Summary by Related Catalogs Steel and Ore Market Situation - This week, the steel and ore market was strong, hitting new highs and breaking through the first - half highs [7]. Important Information - From January to June 2025, China's shipbuilding completion volume was 24.13 million deadweight tons, a year - on - year decrease of 3.5%; new orders were 44.33 million deadweight tons, a year - on - year decrease of 18.2%; as of the end of June, the order backlog was 234.54 million deadweight tons, a year - on - year increase of 36.7% [12]. - In the first half of 2025, China's crude steel output was 514.83 million tons, a year - on - year decrease of 3% [12]. - In August 2025, the production plan for household air conditioners was 11.155 million units, a year - on - year decrease of 7.1%, with domestic sales planned at 6.51 million units (down 5.3% year - on - year) and exports at 4.645 million units (down 9.5% year - on - year) [12]. - Relevant departments are promoting the rectification of involution - style competition and taking measures to regulate the market [12]. - Japan launched an anti - dumping investigation on cold - rolled stainless steel sheets and coils from China [12]. - The second round of coke price increase started on July 22, with a 50 - yuan/ton increase for tamped wet - quenched coke and a 55 - yuan/ton increase for tamped dry - quenched coke [13]. - In the first half of this year, China completed 532.9 billion yuan in water conservancy construction investment, implemented 34,400 water conservancy projects, and started 18,800 new projects [13]. Steel Supply, Inventory and Consumption - This week, the total steel supply was 8.6697 million tons, a week - on - week decrease of 12,200 tons (0.1%); the total inventory was 13.365 million tons, a week - on - week decrease of 11,600 tons (0.1%); the apparent consumption was 8.6813 million tons, a week - on - week decrease of 19,800 tons (0.2%) [14]. - This week, rebar supply was 2.1196 million tons, a week - on - week increase of 29,000 tons (1.4%); total inventory was 5.3864 million tons, a week - on - week decrease of 46,200 tons (0.9%); apparent consumption was 2.1658 million tons, a week - on - week increase of 5.0% [17]. - This week, hot - rolled steel supply was 3.1749 million tons, a week - on - week decrease of 36,500 tons (1.1%); total inventory was 3.4516 million tons, a week - on - week increase of 22,500 tons (0.7%); apparent consumption was 3.1524 million tons, a week - on - week decrease of 85,500 tons (2.6%) [17]. - Rebar inventory contradictions are not prominent. This week, rebar factory inventory decreased, social inventory increased, and total inventory decreased. Hot - rolled steel factory, social, and total inventories all increased, and inventory contradictions were not prominent [18][19]. Iron - related Data - This week, the daily iron - water output was 2.4223 million tons, a week - on - week decrease of 2,100 tons, but it remained at a relatively high level [22].

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 07 月 25 日星期五 研究员： 张晓君 从业资格：F0242716 交易咨询资格：Z0011864 联系方式：0371-65617380 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 连盘玉米期货：昨日夜盘玉米期货震荡偏弱，截止夜盘收盘2509合约跌幅0.17%，收 | | | | | 于2314元/吨。 | | | | | 【重要资讯】 | | | | | 1、昨日现货主线稳定、局部涨跌调整。南北港口价格北稳南弱，锦州港主流收购价 | | | | | 2290-2305元/吨，较前一日涨5元/吨；蛇口港散粮成交价2440元/吨，较前一日跌1 | | | | | 0元/吨。昨日深加工企业收购价弱稳为主。东北地区深加工企业收购价2257元/吨， | | | | | ；华北地区企业主流收购价2483元/吨，较前一日跌1元/吨。 | | | | ...

市场快讯 -- 反内卷主题下资金放大波动率,碳酸锂期货大涨 F0276812 公易答间: 70021310 碳酸锂 2025年7月24日 截至发文,碳酸锂主力合约价格77240元/吨,涨幅8%,日增仓8.8万手。 日内传小作文江西主要锂矿到期或将长期停产,午间已澄清为假消息。 宏观背景,中美第三轮谈判将于7.27-7.30在瑞典举行,中美关系整体回温。近期 一关注点为7月底政治局会议,财政货币政策方面,4月份为应对美国对等关税,已 大相关政策刺激力度,在中美关系缓和、国内金融市场好转背景下,预计本次会议 大财政货币政策刺激可能性较小。重点关注会议对"反内卷"内容的进一步定调。 近日碳酸锂大幅波动为资金面推动影响,昨日,广期所已发布公告,提升工业硅, 多晶硅涨跌停板幅度、交易保证金标准、交易手续费标准、交易限额的通知,碳酸锂 碳酸锂期货LC2509合约的交易手续费标准调整为成交金额的万分之一点六,日内平今 仓交易手续费标准调整为成交金额的万分之一点六。旨在降低投机资金热度,引导投 质者理性投资。 当下碳酸锂期货市场较现货市场价格升水较高,现货市场下游 对高价碳酸锂接受 程度较低,实际成交情况刚需为主。而期货市场 ...

市场快讯 -- 反内卷主题下资金放大波动率,碳酸锂期货大涨 近日碳酸锂大幅波动为资金面推动影响,昨日,广期所已发布公告,提升工业硅, 多晶硅涨跌停板幅度、交易保证金标准、交易手续费标准、交易限额的通知,碳酸锂 碳酸锂期货LC2509合约的交易手续费标准调整为成交金额的万分之一点六,日内平今 仓交易手续费标准调整为成交金额的万分之一点六。旨在降低投机资金热度,引导投 质者理性投资。 当下碳酸锂期货市场较现货市场价格升水较高,现货市场下游 对高价碳酸锂接受 程度较低,实际成交情况刚需为主。而期货市场持仓量不断增长,关注持仓量与仓单 量对比。预计短期碳酸锂仍将手资金影响偏强运行,波动幅度较大,期货单边持有 哈较大,可以买入期权工具作为保护,或考虑买众登录想权费 联糸方式: wangchen@greendh.com 格林大华 期货研究院 证监许可 L2011 碳酸锂 2025年7月24日 截至发文,碳酸锂主力合约价格77240元/吨,涨幅8%,日增仓8.8万手。 日内传小作文江西主要锂矿到期或将长期停产,午间已澄清为假消息。 宏观背景,中美第三轮谈判将于7.27-7.30在瑞典举行,中美关系整体回温。近期 一关注点为 ...

Report Industry Investment Ratings - All three commodities (corn, pork, and eggs) are rated as "Range" [1][3] Core Views - The market for corn has short - term support and pressure, with the mid - term supply pattern expected to tighten but the long - term price increase limited by policies and substitutes. Pork futures were boosted by sentiment but will return to supply - demand fundamentals, with short - term price fluctuations, mid - term supply increase expectations, and long - term high production capacity. Egg prices are expected to strengthen in the short - term, have a potential mid - term rebound, but may face pressure in the long - term if the elimination of laying hens is less than expected [1][3][4] Summary by Commodity Corn - **Market Review**: The night - session of the previous day saw corn futures fluctuating. The 2509 contract rose 0.17% to close at 2315 yuan/ton [1] - **Important Information**: Spot prices were weak and stable, with port prices slightly down and deep - processing enterprise prices mostly stable. As of July 23, futures warehouse receipts decreased by 207 to 175,450 hands. An auction of 195,017 tons of imported corn is scheduled for July 25 [1] - **Market Logic**: Short - term price increases are limited; mid - term prices may rise but with limited upside; long - term prices are restricted by policies and substitutes [1] - **Trading Strategy**: Long - term range operation; mid - term low - buying; short - term testing of support and pressure. The 2509 contract was suggested for band - buying, with pressure at 2340 - 2360 [1] Pork - **Market Review**: The previous day, all main pork futures contracts rose. The LH2509 contract rose 1.67% to 14,590 yuan/ton, and the LH2511 contract rose 2.77% to 14,300 yuan/ton [3] - **Important Information**: On July 23, the national average pig price was 14.23 yuan/kg, down 0.11 yuan/kg from the previous day. In June 2025, the number of breeding sows was 40.43 million, up 0.1% year - on - year. The inventory of medium and large pigs decreased by 0.8% in June. The fat - standard price difference on July 23 was 0.16 yuan/jin, up 0.01 yuan/jin. The weekly average slaughter weight on July 17 was 124.56 kg, down 0.18 kg. On July 23, the number of futures warehouse receipts remained unchanged at 284. The Ministry of Agriculture and Rural Affairs held a symposium on promoting high - quality development of the pig industry [3] - **Market Logic**: Futures were driven up by sentiment but will return to supply - demand. Short - term prices may fluctuate; mid - term supply may increase; long - term production capacity remains high [3] - **Trading Strategy**: Long - term short - selling; mid - term range operation; short - term, breeding enterprises are advised to consider selling hedging when far - month contracts face pressure. Pressure levels for 2509, 2511, and 2601 contracts are provided [3] Eggs - **Market Review**: The previous day, egg futures rose and then fell. The JD2509 contract rose 0.36% to 3637 yuan/500kg [3] - **Important Information**: Egg prices continued to rise. The average price in the main production areas was 3.31 yuan/jin, up 0.08 yuan/jin, and in the main sales areas was 3.67 yuan/jin, up 0.06 yuan/jin. The average inventory in the production and circulation links was 0.89 and 1.01 days respectively. The average price of old hens was 5.79 yuan/jin, up 0.08 yuan/jin. In June, the inventory of laying hens was about 1.34 billion, and the estimated inventory in July is 1.352 billion [3] - **Market Logic**: Short - term prices may strengthen; mid - term prices may rebound but with limited upside; long - term prices may face pressure if the elimination of laying hens is less than expected [4] - **Trading Strategy**: The 09 contract has a short - long and long - short strategy, with pressure at 3680 - 3700 and support at 3500 - 3550. The 10 contract is in a range, and short - selling opportunities for 2512, 2601, 2602, and 2603 contracts are suggested if the elimination is less than expected [4]

Group 1: Report Industry Investment Rating - There is no clear report industry investment rating provided in the content [1] Group 2: Core Views of the Report - On Tuesday, most of the opening prices of the main contracts of treasury bond futures were slightly higher, but they declined in the morning and accelerated the decline in the afternoon, closing at a low level. The 30 - year, 10 - year, 5 - year, and 2 - year treasury bond futures main contracts (TL2509, T2509, TF2509, TS2509) fell by 0.40%, 0.09%, 0.05%, and 0.01% respectively [1] - The short - term interest rate in the inter - bank capital market on Tuesday was lower than the previous trading day. The weighted average of DR001 was 1.31% (1.36% the previous day), and the weighted average of DR007 was 1.47% (1.49% the previous day) [1] - The closing yields of inter - bank treasury bond cash bonds on Tuesday were higher than the previous trading day. The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds increased by 0.26 BP, 1.38 BP, 1.33 BP, and 2.20 BP respectively [1] - In June, the growth rate of fixed - asset investment, infrastructure investment, and manufacturing investment was lower than expected and lower than that in May. The year - on - year increase in total retail sales of consumer goods was also lower than expected. However, export growth and industrial added value exceeded expectations [1] - Recently, domestic real estate sales and prices continued to decline, and China's economic growth in the second half of the year faces challenges, requiring continuous efforts to expand domestic demand [1] - The progress of the U.S. tariff negotiation postponed to August 1 is an important factor affecting the global financial market. The Ministry of Industry and Information Technology announced on July 18 that multiple anti - involution and stable - growth policies will be introduced, which short - term increased market risk preference [1] - The stock index may adjust at any time after a short - term rapid increase, and the treasury bond futures main contract prices may rebound after a continuous significant decline. Short - term long - term treasury bond futures contracts may fluctuate widely, and short - term contracts may remain stable [1] Group 3: Summary by Related Catalogs Market Review - On Tuesday, most of the opening prices of the main contracts of treasury bond futures were slightly higher, with a decline in the morning and an accelerated decline in the afternoon. The 30 - year (TL2509), 10 - year (T2509), 5 - year (TF2509), and 2 - year (TS2509) treasury bond futures main contracts fell by 0.40%, 0.09%, 0.05%, and 0.01% respectively [1] Important Information - Open market: On Tuesday, the central bank conducted 214.8 billion yuan of 7 - day reverse repurchase operations, with 342.5 billion yuan of reverse repurchases and 120 billion yuan of treasury cash fixed - term deposits maturing [1] - Capital market: The short - term interest rate in the inter - bank capital market on Tuesday was lower than the previous trading day. The weighted average of DR001 was 1.31% (1.36% the previous day), and the weighted average of DR007 was 1.47% (1.49% the previous day) [1] - Cash bond market: The closing yields of inter - bank treasury bond cash bonds on Tuesday were higher than the previous trading day. The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds increased by 0.26 BP, 1.38 BP, 1.33 BP, and 2.20 BP respectively [1] Market Logic - In June, the growth rate of fixed - asset investment, infrastructure investment, and manufacturing investment was lower than expected and lower than that in May. The year - on - year increase in total retail sales of consumer goods was also lower than expected. However, export growth and industrial added value exceeded expectations [1] - Recently, domestic real estate sales and prices continued to decline, and China's economic growth in the second half of the year faces challenges, requiring continuous efforts to expand domestic demand [1] - The progress of the U.S. tariff negotiation postponed to August 1 is an important factor affecting the global financial market. The Ministry of Industry and Information Technology announced on July 18 that multiple anti - involution and stable - growth policies will be introduced, which short - term increased market risk preference [1] - The stock index may adjust at any time after a short - term rapid increase, and the treasury bond futures main contract prices may rebound after a continuous significant decline. Short - term long - term treasury bond futures contracts may fluctuate widely, and short - term contracts may remain stable [1] Trading Strategy - Traders should conduct band operations [2]

1. Report Industry Investment Ratings - Corn,生猪, and eggs are all rated as "区间" (Range) [1][3] 2. Core Views - For corn, in the short - term, the spot price has both support and pressure, and the bullish sentiment on the futures market weakens; in the medium - term, the supply pattern may tighten, and the spot price will tend to be stronger; in the long - term, policy grain release and wheat substitution may limit the price increase [1] - For pigs, in the short - term, the price may fluctuate, with the national average price of 14 yuan/kg as a valid support; in the medium - term, the supply is expected to increase in the second half of the year, making it difficult for the price to rise continuously; in the long - term, the production capacity will continue to be realized if there is no epidemic [3] - For eggs, in the short - term, the price has basically confirmed the bottom and may strengthen, but a sharp increase is difficult; in the medium - term, there may be a phased rebound in August - September, but the high point should not be over - optimistic; in the long - term, if the profit turns positive in the third quarter, the supply pressure may reappear in the fourth quarter [3] 3. Summary by Related Catalogs Corn Market Review - Last night, the corn futures fluctuated weakly. As of the night - session close, the 2509 contract fell 0.95% to 2303 yuan/ton [1] Important Information - Yesterday, the spot price was stable with a slight increase. The prices at north - south ports were stable, and the purchase price of deep - processing enterprises increased slightly. As of July 22, the corn futures warehouse receipts decreased by 1686 lots to 175657 lots. The wheat - corn price difference in Shandong was 30 yuan/ton, unchanged from the previous day. On the 22nd, CGSGB sold 198558 tons of imported corn with a 27% transaction rate, and will organize another sale of 195017 tons on the 25th [1] Market Logic - Short - term: The spot price has both support and pressure, and the bullish sentiment on the futures market weakens. Medium - term: The supply pattern may tighten, and the spot price will tend to be stronger. Long - term: Policy grain release and wheat substitution may limit the price increase [1] Trading Strategy - Long - term: Range operation; Medium - term: Low - buying strategy; Short - term: Verify support and test resistance. The previous report's suggestions on the 2509 contract were verified by the market [1] Pigs Market Review - Yesterday, the main contracts of live - hog futures fluctuated strongly. The LH2509 contract rose 0.21% to 14380 yuan/ton, and the LH2511 contract rose 0.69% to 13960 yuan/ton [3] Important Information - On the 22nd, the national average live - hog price was 14.34 yuan/kg, down 0.05 yuan/kg from the previous day. In June 2025, the inventory of breeding sows was 40430000, up 0.1% year - on - year. The inventory of medium - and large - sized pigs in June decreased by 0.8% from the previous month. On the 22nd, the price difference between fat and standard hogs was 0.15 yuan/jin, up 0.01 yuan/jin from the previous day. The weekly average slaughter weight on July 17 was 124.56 kg, down 0.18 kg from the previous week. On the 22nd, the number of live - hog futures warehouse receipts remained unchanged at 284 lots [3] Market Logic - Short - term: The price may fluctuate. Medium - term: There is an expected increase in supply in the second half of the year, making it difficult for the price to rise continuously. Long - term: The production capacity will continue to be realized if there is no epidemic [3] Trading Strategy - Long - term: High - selling strategy; Medium - term: Range operation; Short - term: Verify support and then strengthen to test resistance. Suggestions for breeding enterprises to consider selling - hedging opportunities [3] Eggs Market Review - Yesterday, the egg futures fluctuated. The JD2509 contract fell 0.08% to 3621 yuan/500kg [3] Important Information - Yesterday, the egg price was stable with a slight increase. The inventory level decreased slightly. The average price of old hens increased. In June, the inventory of laying hens was about 1.34 billion, and the theoretical estimated value for July is 1.352 billion [3] Market Logic - Short - term: The price has basically confirmed the bottom and may strengthen, but a sharp increase is difficult. Medium - term: There may be a phased rebound in August - September, but the high point should not be over - optimistic. Long - term: If the profit turns positive in the third quarter, the supply pressure may reappear in the fourth quarter [3] Trading Strategy - The 09 contract follows a short - long and long - short strategy. If the elimination in the third quarter is less than expected, consider short - selling opportunities in the 2512, 2601, 2602, and 2603 contracts [3][4]

Group 1: Report Industry Investment Rating - The investment rating for the steel products in the black building materials sector is moderately bullish in the medium term [1] Group 2: Core View of the Report - The black market continued to rise rapidly driven by macro factors. The spot prices also increased. The anti - involution policy is gradually strengthening, regarded as Supply - side Reform 2.0. The macro factors drive the industry, leading to a significant increase in the futures market. It is expected that the supply - demand structure will improve under the anti - involution drive. Steel products such as rebar, hot - rolled coil, and stainless steel are moderately bullish in the medium term, but short - term callback risks should be watched out for [1] Group 3: Summary by Relevant Catalogs Market Review - On Monday, rebar, hot - rolled coil, and stainless steel rose significantly, and the upward trend continued in the night session. In June, the total social electricity consumption increased by 5.4% year - on - year. The second round of coke price increase started. In the first half of this year, the national water conservancy construction investment reached 53.29 billion yuan, with 34,400 water conservancy projects implemented and 18,800 new projects started. From January to June 2025, China's shipbuilding completion volume was 24.13 million deadweight tons, a year - on - year decrease of 3.5%; the new order volume was 44.33 million deadweight tons, a year - on - year decrease of 18.2%; as of the end of June, the order backlog was 234.54 million deadweight tons, a year - on - year increase of 36.7% [1] Market Logic - The black market continued to rise rapidly driven by macro factors. The anti - involution policy is gradually strengthening. It is expected that the supply - demand structure will improve under the anti - involution drive. The pressure level of rebar moved up to 3297, with an important support level at 3060. The support level of hot - rolled coil is 3200, and the pressure level moved up to 3483. The pressure level of the stainless steel main contract is 13200, and the support level is 12650 [1] Trading Strategy - Rebar and hot - rolled coil show a moderately bullish trend in the medium term under the anti - involution drive, but short - term callback risks should be watched out for [1]

研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 7 月 22 日星期二 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周一夜盘瓶片主力合约 PR2509 的期货价格上涨 12 元至 5988 元/吨。持仓方面，主 力合约 2509 持仓量为 3.53 万手，持仓+221 手。现货市场，华东市场水瓶级瓶片价 格上涨 50 元至 6000 元/吨，华南市场水瓶级瓶片价格稳定在 6030 元/吨。 | | --- | --- | --- | --- | | | | | 【重要资讯】 1、供应和成本利润方面，国内聚酯瓶片产量为 32.5 万吨，较上周减少 0.19 万吨。 国内聚酯瓶片产能利用率周均值为 71.1%，较上周下降 0.4%；聚酯瓶片生产成本 5531 元，下降 0.72%；聚酯瓶片周生产毛利为-192 元/吨，环比增加 21 元/吨。 | | | | | 2、需求方 ...