黑色建材日报：市场情绪向好，双焦价格上涨-20260304

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The market sentiment is mixed across different black building materials sectors. Steel prices are oscillating, iron ore prices face downward pressure despite a small increase, coking coal and coke prices are rising, and thermal coal prices are fluctuating in a narrow range [1][3][5][7]. 3. Summary by Related Catalogs Steel - Market Analysis: The steel futures market oscillated upward yesterday. The rebar futures main contract closed at 3074 yuan/ton, and the hot - rolled coil main contract closed at 3219 yuan/ton. The national steel trading volume was 52,000 tons [1]. - Supply - Demand and Logic: As the Two Sessions approach, macro - expectations are more volatile. Building materials are in a situation of weak supply and demand, with seasonal inventory increases and limited upside and downside. Plate production and sales have improved, but high intermediate inventory suppresses price performance [1]. - Strategy: The unilateral strategy is to expect oscillation, and there are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Iron Ore - Market Analysis: Iron ore futures prices rose slightly yesterday. The prices of mainstream imported iron ore varieties at Tangshan ports were basically stable. The total trading volume of iron ore at major national ports was 858,000 tons, a 22.37% increase from the previous day, and the total trading volume of forward - delivery iron ore was 729,000 tons, a 6.42% increase [3]. - Supply - Demand and Logic: As the Two Sessions approach, market sentiment is boosted. Supply remains high, and the daily average pig - iron output has increased slightly. High supply and inventory continue to suppress prices, and there is short - term downward pressure [3]. - Strategy: The unilateral strategy is to be cautiously bearish, and there are no strategies for inter - period, inter - variety, spot - futures, and options [4]. Coking Coal and Coke - Market Analysis: Coking coal and coke futures rose significantly yesterday. For coking coal, pit - mouth prices fluctuated, and imported coal prices were firm. For coke, steel mills' profitability is average, and some northern blast furnaces will be restricted [5]. - Supply - Demand and Logic: For coking coal, the market rebounded from oversold conditions, with expectations of tightened supply during the Two Sessions and cost - side support restored. For coke, the expectation of reduced production by coking enterprises has increased, and the pressure of high - level inventory accumulation has been alleviated [6]. - Strategy: Both coking coal and coke are expected to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [6]. Thermal Coal - Market Analysis: At the production sites, supply increased with the resumption of work, and some pit - mouth prices rose while others fell. At ports, traders were more willing to sell, but actual transactions were limited. Imported coal prices were strong, providing some support [7]. - Supply - Demand and Logic: Post - festival demand has recovered, and affected by the supply issues in the import market, domestic coal prices have continued to rise slightly. In the short term, prices are fluctuating in a narrow range [7]. - Strategy: No strategy is provided [7].