黑色商品日报（2026年2月26日）-20260226

Report Industry Investment Rating No relevant content provided. Core View of the Report - The steel market is affected by factors such as production restrictions and real - estate policies. The short - term trend of the steel market is expected to be a narrow adjustment. The iron ore market is affected by supply recovery and demand fluctuations, and the price is expected to show an oscillatory trend. The coking coal and coke markets are in a recovery stage, and the short - term trend is expected to be oscillatory. The manganese silicon and ferrosilicon markets are also expected to be in an oscillatory pattern, with cost support but limited upward drive [1]. Summary According to the Directory Research Views - Steel: The steel futures and spot prices rose. Some steel enterprises in North China will implement phased emission reduction control during the important national meeting. The "Shanghai Seven - Point Plan" was issued to adjust and optimize real - estate policies. The short - term steel futures market may have a narrow adjustment [1]. - Iron Ore: The iron ore futures price rose. The global shipping volume has recovered, and the demand is in the off - season. The iron water output has a small fluctuation. After the post - holiday inspection, the steel mills' resumption of production and restocking needs should be concerned. The ore price is expected to show an oscillatory trend [1]. - Coking Coal: The coking coal futures price rose. The main producing areas' coal mines are gradually resuming production, and the coking enterprises' production recovery is slow. The short - term coking coal futures market is expected to oscillate [1]. - Coke: The coke futures price rose. The coking enterprises' production is normal, and the inventory pressure is gradually weakening. Some steel mills have received emission reduction notices, and the procurement demand is general. The short - term coke futures market is expected to oscillate [1]. - Manganese Silicon: The manganese silicon futures price oscillated strongly. The "Shanghai Seven - Point Plan" boosted market sentiment. The South African semi - carbonate price rose slightly. The cost has support, but the upward drive is limited. The short - term trend is expected to be oscillatory [1][3]. - Ferrosilicon: The ferrosilicon futures price oscillated strongly. The "Shanghai Seven - Point Plan" boosted market sentiment. The cost support is slightly weak. The market is in a wait - and - see state, and the short - term price is expected to oscillate [3]. Daily Data Monitoring - Contract Spread: The contract spreads of various varieties have different changes, such as the 5 - 10 spread of rebar being - 37.0 with a month - on - month increase of 8.0 [4]. - Basis: The basis of each variety also shows different changes, for example, the 05 - contract basis of rebar is 134.0 with a month - on - month decrease of 49.0 [4]. - Spot Price: The spot prices of different varieties and regions have different changes, like the Shanghai rebar spot price is 3210.0 with no month - on - month change [4]. - Profit and Spread: The profit and spread data of different varieties are presented, such as the rebar's disk profit being - 45.6 with a month - on - month increase of 9.4, and the coil - rebar spread being 160.0 with a month - on - month decrease of 8.0 [4]. Chart Analysis - 3.1 Main Contract Price: The report provides price trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2021 to 2026 [6][7][9][13]. - 3.2 Main Contract Basis: The report shows the basis trend charts of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][20][22]. - 3.3 Inter - period Contract Spread: The report presents the spread trend charts of inter - period contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][26][28][31][33][35][37]. - 3.4 Inter - variety Contract Spread: The report provides the spread trend charts of inter - variety contracts such as the coil - rebar spread, rebar - ore ratio, rebar - coke ratio, coke - ore ratio, coal - coke ratio, and double - silicon spread [38][39][40][41]. - 3.5 Rebar Profit: The report shows the profit trend charts of rebar, including the disk profit, long - process profit, and short - process profit [43][47]. Black Research Team Members Introduction - Qiu Yuecheng is the assistant director of the Everbright Futures Research Institute and the director of black research, with nearly 20 years of experience in the steel industry [49]. - Zhang Xiaojin is the director of resource product research at the Everbright Futures Research Institute, with rich experience in the futures industry [49]. - Liu Xi is a black researcher at the Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [49]. - Zhang Chunjie is a black researcher at the Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [50].