黑色金属数据日报-20260326

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Steel: The steel futures market is expected to be volatile. There is a chance to go long on the basis of hot-rolled coils. It is recommended to take a wait-and-see approach on the single side and gradually intervene in the opportunity to go long on the basis of hot-rolled coils in the spot-futures market [2][7]. - Ferrosilicon and Silicomanganese: The market is in a range-bound state, with the upside limited by weak demand and increased supply, and the downside supported by costs. It is recommended to take a wait-and-see approach for now [3]. - Coking Coal and Coke: The spot market is driven by the futures market, and the first round of price increases is expected to be implemented soon. The market is mainly concerned about the futures trend. It is recommended to take a wait-and-see approach on the single side and enter the spot-futures arbitrage position [5][7]. - Iron Ore: The price is in a high-level range-bound state. It is not recommended to chase high or short. It can be operated according to the range-bound strategy. It is recommended to take a wait-and-see approach [7]. Summary by Directory Futures Market - On March 25, the closing prices of far-month contracts for RB2610, HC2610, 12609, J2609, and JM2609 were 3162.00 yuan/ton, 3322.00 yuan/ton, 777.50 yuan/ton, 1864.50 yuan/ton, and 1377.50 yuan/ton respectively, with corresponding changes of -11.00 yuan/ton, -6.00 yuan/ton, -11.50 yuan/ton, -17.50 yuan/ton, and -4.00 yuan/ton, and the change rates were -0.35%, -0.18%, -1.46%, -0.93%, and -0.29% respectively [1]. - The closing prices of near-month contracts (main contracts) for RB2605, HC2605, 12605, J2605, and JM2605 on March 25 were 3132.00 yuan/ton, 3313.00 yuan/ton, 806.50 yuan/ton, 1776.00 yuan/ton, and 1241.00 yuan/ton respectively, with corresponding changes of -13.00 yuan/ton, -8.00 yuan/ton, -15.00 yuan/ton, -33.00 yuan/ton, and -22.50 yuan/ton, and the change rates were -0.41%, -0.24%, -1.83%, -1.82%, and -1.78% respectively [1]. - The cross-month spreads for RB2605 - 2610, HC2605 - 2610, 12605 - 2609, J2605 - 2609, and JM2605 - 2609 on March 25 were -30.00 yuan/ton, -9.00 yuan/ton, 29.00 yuan/ton, -88.50 yuan/ton, and -136.50 yuan/ton respectively [1]. - The spread/ratio/profit data for the main contracts on March 25 were as follows: the hot-rolled coil - rebar spread was 181.00 yuan/ton, the rebar - iron ore ratio was 3.88, the coal - coke ratio was 1.43, the rebar disk profit was -144.48 yuan/ton, and the coking disk profit was 125.47 yuan/ton [1]. Spot Market - On March 25, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billet, and the Platts Index were 3220.00 yuan/ton, 3180.00 yuan/ton, 3470.00 yuan/ton, 2980.00 yuan/ton, and 106.50 respectively, with corresponding changes of 0.00 yuan/ton, -50.00 yuan/ton, 0.00 yuan/ton, -10.00 yuan/ton, and -2.20 [1]. - The spot prices of Shanghai hot-rolled coil, Hangzhou hot-rolled coil, Guangzhou hot-rolled coil, billet - finished product spread, and Rizhao Port PB on March 25 were 3280.00 yuan/ton, 3300.00 yuan/ton, 3320.00 yuan/ton, 240.00 yuan/ton, and 794.00 yuan/ton respectively, with corresponding changes of -40.00 yuan/ton, -40.00 yuan/ton, 0.00 yuan/ton, 10.00 yuan/ton, and -4.00 yuan/ton [1]. - The spot prices of Qingdao Port Super Special Powder, a certain product, Ganjimao Coking Coal, Qingdao Port Quasi - First - Grade Coke, and Qingdao Port PB on March 25 were 683.00 yuan/ton, 740.00 yuan/ton, 1240.00 yuan/ton, -1430.00 yuan/ton, and 795.00 yuan/ton respectively, with corresponding changes of 3.00 yuan/ton, -2.00 yuan/ton, 0.00 yuan/ton, 0.00 yuan/ton, and -4.00 yuan/ton [1]. - The basis data for HC main contract, RB main contract, a certain main contract, J main contract, and JM main contract on March 25 were -33.00 yuan/ton, 88.00 yuan/ton, 18.00 yuan/ton, -203.37 yuan/ton, and 29.00 yuan/ton respectively, with corresponding changes of -29.00 yuan/ton, 13.00 yuan/ton, 0.00 yuan/ton, 22.00 yuan/ton, and 8.50 yuan/ton [1].