山金期货黑色板块日报-20260225

Group 1: Report Summary - The report is a daily report on the black sector by Shan Jin Futures, covering steel products (rebar, hot-rolled coil) and iron ore [1] Group 2: Rebar and Hot-rolled Coil Core View - The market is in a holiday mode with weak supply and demand, expected to resume after the Lantern Festival. The market has a relatively weak demand expectation for 2026. The futures price is in a downward trend but the downside space may be limited due to low valuation [2] Operation Suggestion - Maintain a wait-and-see attitude and do not recommend chasing short positions [2] Data Summary - Price: Rebar and hot-rolled coil futures prices decreased, with rebar down -0.13% and -1.64% compared to the previous day and last week respectively, and hot-rolled coil down -0.31% and -1.38% [2] - Production: The production of rebar and hot-rolled coil decreased, with rebar production down 11.75% and hot-rolled coil down 0.45% week-on-week [2] - Inventory: The inventory of five major steel products and rebar increased, with the five major products' social inventory up 5.58% and rebar social inventory up 12.11% [2] - Demand: Apparent demand was at a low level, with the apparent demand of five major products down 5.12% week-on-week[2] Group 3: Iron Ore Core View - The market is in a holiday mode, expected to enter the consumption peak season after the Lantern Festival. Supply is affected by seasonal factors, with short-term shipments expected to be low and then recover. The futures price is in a downward trend [4] Operation Suggestion - Hold short positions with a light position [4] Data Summary - Price: Iron ore spot and futures prices decreased, with the DCE iron ore main contract settlement price down -0.07% and -0.85% compared to the previous day and last week respectively [4] - Supply: Overseas shipments decreased, with Australian shipments down 31.16% and Brazilian shipments down 3.84% week-on-week [4] - Inventory: Port inventory increased to a record high, up 0.70% week-on-week [4] Group 4: Industry News - In January 2026, Mongolia's coal production was 10.1689 million tons, a 2.26% month-on-month decrease and a 55.74% year-on-year increase [6] - The EU Commission Vice-President mentioned that the US is researching steel derivative tariffs [7] - From February 16th to 22nd, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces decreased by 81.55% week-on-week [7]