【有色】铝价环比+4.5%至2.44万元每吨，钨价环比+15.1%至91.9万元每吨——金属周期品高频数据周报（2026.03.02-03.08）（王招华/张寅帅）

Liquidity - SPDR Gold ETF holdings decreased week-on-week [4] - BCI small and medium enterprise financing environment index for February 2026 is 48.66, down 3.20% month-on-month [4] - M1 and M2 growth rate difference was -4.1 percentage points in January 2026, up 0.6 percentage points month-on-month [4] - Current London gold spot price is $5168 per ounce [4] Infrastructure and Real Estate Chain - Blast furnace capacity utilization rate for January-February is at the highest level in five years [5] - Price changes this week: rebar -0.94%, cement price index -0.35%, rubber -1.47%, coke -3.52%, coking coal -0.88%, iron ore +1.20% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates increased by 0.96 percentage points, 8.20 percentage points, and 1.1 percentage points respectively [5] Real Estate Completion Chain - Titanium dioxide and glass prices are at low levels [6] - This week, titanium dioxide and glass prices increased by 0.75% and 1.31% respectively, with titanium dioxide gross profit at -1933 yuan/ton and flat glass operating rate at 70.81% [6] Industrial Products Chain - National PMI new orders index for February is 48.60% [7] - Major commodity price performance this week: cold-rolled -0.27%, copper -1.09%, aluminum +4.54%, with corresponding gross profit changes of -20.83%, +15.19%, and +14.72% [7] - National semi-steel tire operating rate is 74.03%, up 39.47 percentage points month-on-month [7] Subcategories - Aluminum price increased by 4.5% to 24,410 yuan/ton, tungsten price increased by 15.1% to 919,000 yuan/ton [8] - Super high power graphite electrode price is 19,000 yuan/ton, unchanged, with a gross profit of 1695.04 yuan/ton, down 12.93% [8] - Electrolytic aluminum price is 24,410 yuan/ton, with estimated profit of 7188 yuan/ton (excluding tax), up 14.72% [8] - Electrolytic copper price is 101,210 yuan/ton, down 1.09% [8] - Tungsten concentrate price is 919,000 yuan/ton, up 15.10% from last week [8] Price Comparison Relationships - Hot-rolled and rebar price difference is at the lowest level in five years [9] - Rebar and iron ore price ratio this week is 4.05 [9] - Price difference between hot-rolled and rebar steel is 100 yuan/ton this week [9] - Price difference between Shanghai cold-rolled steel and hot-rolled steel is 270 yuan/ton, down 40 yuan/ton [9] - Price ratio of stainless steel hot-rolled to electrolytic nickel is 0.10 [9] - Price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 160 yuan/ton, down 11.11% from last week [9] - Price difference between medium-thick plate and rebar steel is 120 yuan/ton this week [9] Export Chain - February PMI new export orders for China is 45.00%, down 2.8 percentage points month-on-month [10] - China export container freight index CCFI composite index this week is 1054.26 points, up 0.93% [10] - US crude steel capacity utilization rate is 78.30%, down 0.20 percentage points [10] - As of January 1, 2026, certain steel products will be subject to export license management, which is expected to further regulate China's steel product exports [10] Valuation Percentiles - This week, the CSI 300 index decreased by 1.07%, with the best-performing cyclical sector being oil and petrochemicals (+8.06%) [11] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets are 39.12% and 79.13% respectively [11] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.54, with the highest value since 2013 being 0.82 [11]