国泰君安期货黑色与建材原木周度报告-20251228

1. Report Industry Investment Rating No relevant content was provided in the report. 2. Core Viewpoints of the Report As of the week ending December 26, the daily average shipments from ports remained unchanged week - on - week, and the total inventory of the four major ports did not change either. The spot prices of mainstream lumber remained stable, and the market presented a pattern of weak supply and demand. The BDI decreased by 7.78% week - on - week, and the exchange rates of the US dollar against the Chinese yuan and the New Zealand dollar declined [4][6][12]. 3. Summary by Relevant Catalogs 3.1 Supply - As of December 21, there were 33 ships departing from New Zealand in December, with 26 bound for mainland China and 7 for Taiwan, China, and South Korea for lightering. Among them, about 15 ships were expected to arrive in December, and 18 in January. The expected arrival volume in December was 1.58 million cubic meters [5][8]. 3.2 Demand and Inventory - As of the week ending December 26, the daily average shipment of Lanshan Port was 21,600 cubic meters (week - on - week change: 0 cubic meters), and that of Taicang Port was 14,600 cubic meters (week - on - week change: 0 cubic meters). In terms of port inventory, the inventory of Lanshan Port was about 1.2668 million cubic meters (week - on - week change: 0 cubic meters), Taicang Port about 385,500 cubic meters (week - on - week change: 0 cubic meters), Xinminzhou about 126,500 cubic meters (week - on - week change: 0 cubic meters), and Jiangdu Port about 134,300 cubic meters (week - on - week change: 0 cubic meters). The total inventory of the four major ports was 1.9131 million cubic meters, with a week - on - week de - stocking of 0 cubic meters [6][12]. 3.3 Market Trends - As of December 26, the closing price of the main contract LG2603 was 776.5 yuan per cubic meter, a 0.4% increase from the previous week. The market was in a high - level volatile state this week, and the fundamental situation maintained a pattern of weak supply and demand. This week, the monthly spread tended to narrow. The 03 - 05 monthly spread was - 10.5 yuan per cubic meter, the 03 - 07 monthly spread was - 17.5 yuan per cubic meter, and the 05 - 07 monthly spread was - 7 yuan per cubic meter [18]. 3.4 Other - As of the week ending December 28, the Baltic Dry Index (BDI) was 1,877.00 points, a decrease of 146 points (- 7.78%) from the previous week. Its relevant sub - index, the Handysize Shipping Index (BHSI), was 719 points, a - 3.62% change from the previous week. The Shanghai Containerized Freight Index (SCFI) was 1,656.32 points, a 6.7% increase from the previous week. In terms of exchange rates, the US dollar index weakened, the US dollar to Chinese yuan exchange rate was 7.007, a 0.48% decrease week - on - week, and the US dollar to New Zealand dollar exchange rate decreased by 1.3% to 1.709 [6][55].