【有色】取向硅钢自2024年10月12日以来首次涨价——金属周期品高频数据周报（2026.03.09-03.15）（王招华/戴默/方驭涛/王秋琪/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 in February 2026 is -3.1 percentage points, up 1.0 percentage points month-on-month [4] - Current London gold spot price is $5018 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 +2.84%, cement price index -0.27%, rubber +3.89%, coke +0.00%, coking coal +0.22%, iron ore +3.67% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates changed by +0.03 percentage points, +0.32 percentage points, and -6.5 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 0.37% respectively, with titanium dioxide gross profit at -1901 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 +0.87%, copper -0.57%, aluminum +2.83%, with corresponding gross profit changes of -70.77%, +19.53%, and +7.51% [7] - National semi-steel tire operating rate is 77.71%, up 3.68 percentage points month-on-month [7] Subcategories - Orientation silicon steel price increased for the first time since October 12, 2024 [8] - Graphite electrode price for ultra-high power is 19000 yuan/ton, unchanged, with a comprehensive gross profit of 1653.64 yuan/ton, down 6.45% [8] - Electrolytic aluminum price is 25100 yuan/ton, up 2.83%, with estimated profit at 7728 yuan/ton (excluding tax), up 7.51% [8] - Electrolytic copper price is 100630 yuan/ton, down 0.57% [8] - Tungsten concentrate price is 1050000 yuan/ton, up 14.25% from last week [8] Price Comparison - Hot-rolled and rebar price difference is at the lowest level in five years [9] - Rebar and iron ore price ratio this week is 4.02 [10] - Price difference between hot-rolled and rebar steel is 50 yuan/ton this week [10] - Price difference between Shanghai cold-rolled steel and hot-rolled steel is 390 yuan/ton, up 120 yuan/ton month-on-month [10] - Price ratio of stainless steel hot-rolled to electrolytic nickel is 0.10 [10] - Price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 150 yuan/ton this week, down 6.25% from last week [10] - Price difference between medium-thick plate and rebar steel is 100 yuan/ton this week [10] Export Chain - February PMI new export orders for China is 45.00%, down 2.8 percentage points month-on-month [11] - China export container freight index CCFI composite index this week is 1072.16 points, up 1.70% [11] - US crude steel capacity utilization rate is 77.40%, down 0.90 percentage points month-on-month [11] - Announcement No. 79 jointly issued by the Ministry of Commerce and the General Administration of Customs on December 12, 2026, will implement export license management for certain steel products starting January 1, 2026, aiming to further regulate China's steel product exports [11] Valuation Percentiles - This week, the CSI 300 index increased by 0.19%, with the best-performing cyclical sector being coal mining (+5.13%) [12] - The PB ratio of ordinary steel and industrial metals relative to the PB ratio of the Shanghai and Shenzhen markets are 38.60% and 75.51% respectively [12] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.53, with the highest value since 2013 being 0.82 (reached in August 2017) [12]