黑色：市场情绪高涨黑色震荡偏强

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Last week, the black sector continued to oscillate upward, with raw materials outperforming finished products. The futures market sentiment was strong due to the Middle East conflict, and the energy and chemical sector remained strong. [3] - Steel demand continued to recover, and the inventory accumulation rate slowed down. On the raw material side, coking coal production increased rapidly, and there was post - holiday restocking in the coking coal downstream. Iron ore prices strengthened significantly last week due to more restricted circulation varieties. [3] - Steel, coking coal, and iron ore are all expected to oscillate strongly. [4] Summary by Directory 01 Black Sector Trend Comparison - The black sector oscillated upward, and raw materials were stronger than finished products. [5] 02 Futures Market Rise and Fall Comparison - The energy and chemical sector remained strong. [7] 03 Spot Prices - Coking coal prices fell slightly, while iron ore prices rose significantly. [9] 04 Profit and Valuation - Steel mill profits were poor, and the valuation of rebar futures was low. [11] 05 Steel Supply and Demand - Steel demand continued to pick up, and the inventory accumulation rate slowed down. It is expected that the inventory will peak and decline this week. [4][13] 06 Iron Ore Supply and Demand - Affected by production restrictions in North China, hot metal production dropped significantly last week. Steel mill iron ore inventories decreased, and port inventories increased slightly. After the two - sessions ended, steel mills will resume production this week, and hot metal production is expected to rebound rapidly. Steel mills may have phased restocking, but the pressure on finished products is expected to increase. [4][22] 07 Coking Coal Supply and Demand - Raw coal production increased, and inventories gradually accumulated. With post - holiday restocking in the middle and lower reaches, upstream coal mines had a slight inventory reduction. [4][25] 08 Coke Supply and Demand - Coke production hovered at a low level, and the total inventory decreased slightly. Independent coking plant and port coke inventories decreased, while steel mill coke inventories increased. [4][27] 09 Variety Spreads - Steel mill's on - paper profits declined, and the rebar - to - iron ore ratio decreased. [29] 10 Key Data/Policy/Information - Iran will continue strategic measures including blocking the Strait of Hormuz. The US may end military operations against Iran, but no internal instructions to stop have been received. [35] - The IEA agreed to release 4 billion barrels of strategic oil reserves. [35] - China's foreign trade had a good start in 2026, with the total value of goods trade imports and exports in the first two months reaching 7.73 trillion yuan, a year - on - year increase of 18.3%. However, China's steel exports from January to February decreased by 8.1% year - on - year. [35]