交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年12月17日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年12月份沥青总计划排产量为215.8万吨，环比降幅3.24%。本周国内石油沥青样 本产能利用率为29.9017%，环比减少0.18个百分点，全国样本企业出货25.342万吨，环比减少9.68%,样本企业 产量为49.9万吨，环比减少0.59%,样本企业装置检修量预估为94.4万吨，环比增加14.29%,本周炼厂有所减产， 降低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为27.8%，环比减少0.00个百分点，低于历史平均水平；建筑沥青开工率为6.6%， 环比持平，低于历史平均水平；改性沥青开工率为8.9781 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents a mixed outlook on the PVC market. There are both positive and negative factors. The positives include supply resumption, cost support from calcium carbide and ethylene, and export benefits. The negatives are the overall rebound in supply pressure, high and slowly consumed inventory, and weak domestic and external demand [10]. - The main logic is that the overall supply pressure is strong, and the domestic demand recovery is sluggish [11]. Summary of Each Section 1. Daily Viewpoints - **Likely Positive Factors**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [10] - **Likely Negative Factors**: Overall rebound in supply pressure, high inventory levels with slow consumption, and weak domestic and external demand [10] - **Main Logic**: Strong overall supply pressure and poor domestic demand recovery [11] 2. Fundamental and Position Data - **Supply Side**: In November 2025, PVC production was 2.07926 million tons, a 2.29% month - on - month decrease. This week, the sample enterprise capacity utilization rate was 79.43%, a 0.01 percentage point month - on - month decrease. Calcium carbide - method enterprise production was 343,760 tons, a 3.21% month - on - month decrease, while ethylene - method enterprise production was 145,310 tons, a 7.43% month - on - month increase. Supply pressure decreased this week, and next week, maintenance is expected to decrease with a slight increase in scheduled production [7]. - **Demand Side**: The overall downstream operating rate was 48.89%, a 0.18 percentage point month - on - month decrease, but still above the historical average. The downstream profile operating rate was 35.13%, a 0.73 percentage point month - on - month decrease, above the historical average; the downstream pipe operating rate was 37.6%, a 0.200 percentage point month - on - month increase, below the historical average; the downstream film operating rate was 73.93%, unchanged month - on - month, above the historical average; the downstream paste resin operating rate was 81.36%, a 1.05 percentage point month - on - month increase, above the historical average. Shipping costs are expected to decline, and domestic PVC export prices are competitive, but current demand may remain sluggish [7]. - **Cost Side**: The profit of the calcium carbide method was - 1,102.13 yuan/ton, a month - on - month loss increase of 8.10%, below the historical average; the profit of the ethylene method was - 520.44 yuan/ton, a month - on - month loss increase of 10.10%, below the historical average; the double - ton price difference was 1,732.55 yuan/ton, a month - on - month profit increase of 5.00%, below the historical average. Scheduled production may be under pressure [7]. - **Basis**: On December 16, the price of East China SG - 5 was 4,440 yuan/ton, and the basis of the 05 contract was - 229 yuan/ton, with the spot price at a discount to the futures price. This is a bearish signal [7]. - **Inventory**: Factory inventory was 344,305 tons, a 5.66% month - on - month increase. Calcium carbide - method factory inventory was 260,505 tons, a 6.35% month - on - month increase, and ethylene - method factory inventory was 83,800 tons, a 3.58% month - on - month increase. Social inventory was 517,400 tons, a 2.24% month - on - month decrease. The in - stock days of production enterprises were 5.45 days, a 1.30% month - on - month increase. This is a bearish signal [7]. - **Market Chart**: The MA20 is downward, and the futures price of the 05 contract closed below the MA20. This is a bearish signal [7]. - **Main Position**: The main position is net short, with a decrease in short positions. This is a bearish signal [7]. - **Fundamentals**: Neutral [7] 3. PVC Market Overview - Presents yesterday's market data, including prices, price changes, and inventory changes of various PVC - related indicators such as different types of PVC prices, inter - month spreads, factory inventories, and social inventories [14] 4. PVC Futures Market - **Basis Trend**: Displays the historical basis trend of PVC, including the relationship between the basis, East China market price of PVC, and the closing price of the main futures contract [17] - **Futures Price and Volume**: Shows the price and trading volume trends of the PVC futures main contract, including opening price, highest price, lowest price, closing price, and moving averages (MA5, MA10, MA20, MA60, MA120). Also shows the changes in the net positions of the top 5 and top 20 seats [20] - **Spread Analysis**: Displays the historical spread trends of the main PVC futures contracts, such as the 1 - 9 spread and 5 - 9 spread [23] 5. PVC Fundamentals - **Calcium Carbide Method - Related**: Analyzes the price, cost - profit, operating rate, and inventory trends of various raw materials in the calcium carbide method, including semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, etc. For example, it shows the price trends of semi - coke in Shenmu, the cost - profit of calcium carbide in Wuhai, the price and production of liquid chlorine, the price and monthly production of raw salt, the price, cost - profit, operating rate, production, and inventory of caustic soda in Shandong [26][29][31][34] - **Supply Trend**: Analyzes the capacity utilization rate, production, and maintenance volume trends of the calcium carbide method and ethylene method in PVC production. Also shows the daily and weekly production, maintenance volume, and capacity utilization rate trends of PVC [38][40] - **Demand Trend**: Analyzes various demand - related indicators of PVC, including the daily sales volume of traders, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and operating rates of different downstream products (profiles, pipes, films, paste resin). It also shows the investment and construction data of the real estate industry and some macro - economic data such as social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment year - on - year growth [42][46][52] - **Inventory**: Analyzes the inventory trends of PVC, including exchange warehouse receipts, calcium carbide - method factory inventory, ethylene - method factory inventory, social inventory, and the in - stock days of production enterprises [56] - **Ethylene Method**: Analyzes the import volume of vinyl chloride and dichloroethane, PVC export volume, and price spreads in the ethylene method, such as the FOB price spread between Tianjin and Taiwan and the import price spread of vinyl chloride between Jiangsu and the Far East CIF [59] - **Supply - Demand Balance Sheet**: Presents the monthly supply - demand balance data of PVC from September 2024 to October 2025, including production, import, export, demand, social inventory, factory inventory, and supply - demand differences [61]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term trend of soda ash prices may be oscillating and strengthening, while the medium - to - long - term trend remains bearish. For stock index futures, short - term selling on rallies is recommended. Gold shows signs of upward movement and long positions can be considered. Iron ore should be treated with a wide - range oscillation strategy. Glass is expected to be oscillating and bearish. For palm oil, short opportunities should be grasped. Pulp demand is expected to improve overall, and an oscillating trend is predicted [3][4][6][7][10][12][13][16][17][18][22] Summary by Related Catalogs Soda Ash - On December 16, the main continuous price of soda ash was reported at 1,170 yuan/ton. After a low - level rebound, its short - term trend may be oscillating and strengthening, supported by continuous inventory reduction and long - term industry losses. The SA2601 contract price rose on the 16th, and the basis converged. Short - term long positions can be considered based on the support level of 1,140 - 1,150 yuan/ton, and attention should be paid to the suppression in the range of 1,190 - 1,200 yuan/ton. In the medium - to - long - term, the supply pressure remains high, and the demand is weak, so the price range is expected to move down [3][4] Stock Index Futures - The overall index showed a unilateral downward trend, with a weak rebound in the afternoon and closing with a medium - sized negative line. The Shanghai Composite Index fell below the support level around 3,850, and the market is likely to experience a C - wave decline. Short - term selling on rallies is recommended [6][7] Gold - After a period of sideways oscillation, gold shows signs of upward movement again, and long positions can be attempted [10] Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply is further fermented. On the demand side, except for exports, the domestic demand support in the real estate and infrastructure sectors is weak. Technically, it should be treated with a wide - range oscillation strategy of high - selling and low - buying [12][13] Glass - The daily melting volume has declined, and inventory has decreased again this week, mainly driven by policy - side stimulus and supply - side capacity clearance. Technically, the downward trend has not been reversed, and an oscillating and bearish view should be maintained [16][17] Palm Oil - As the producing areas gradually enter the production - reduction season, if the export of Malaysian palm oil remains weak, there is a possibility of inventory accumulation in December. Short opportunities should be grasped [18] Pulp - With the continuous boost of domestic demand by domestic policies, increased production cuts of overseas pulp mills, and the gradual clearance of backward papermaking production capacity, the demand for commercial pulp is expected to improve overall. An oscillating trend is predicted [22]

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-12-16） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 6、预期：终端市场季节性淡季干扰下，钢厂盈利能力不佳，叠加年终检修，铁水产量继续下移。加之 焦炭二轮降价落地执行，在利润不佳、市场情绪降温的情况下，下游焦企对高价煤资源的采购接受意愿 不高，对焦煤采购多以刚需为主，焦煤需求量在一定程度上受到影响，预计短期焦煤价格或偏弱运行。 1、基本面：临近年底，各矿区以安全生产为主。焦炭价格下行后，下游利润再度压缩，对高价煤种接 受程度偏弱，高价矿点成交困难，厂内继续累库。另外部分煤种经前期下调后性价比有所显露，下游适 当增加采购，个别超跌煤种竞拍成交出现小幅反弹；偏空 2、基差：现货市场价1120，基差133.5；现货升水期货；偏多 3、库存：钢厂库存801 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 观点参考 宝城期货煤焦早报（2025 年 12 月 16 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 多空分歧，焦煤低位震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 多空交织，焦炭低位运行 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡思路 核心逻辑：截至 12 月 12 日当周 ...

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-12-16 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂产量高位，远兴二期年前预期投产，整体供给预期充裕；下游浮法玻璃、光伏日 熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1130元/吨，SA2605收盘价为1123元/吨，基差为7元，期货贴水 现货；中性 3、库存：全国纯碱厂内库存149.43万吨，较前一周减少2.88%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏空运行为主。 2、重碱下游光伏玻璃减产，对纯碱需求走弱。 主要逻辑和风险点 1、主要逻辑：纯碱供给高位，终端需求 ...

金信期货日刊 本刊由金信期货研究院撰写 2025/12/16 GOLDTRUST FUTURES CO.，LTD 氧化铝价格上涨，后市怎么看？ ibaotu.com 热点聚焦 12月15日氧化铝期货05合约涨2.21%，最高点至2757元/吨，此次上涨是前期超跌后的反弹叠加反内卷政 策刺激，叠加空头获利离场。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 基本面过剩的核心矛盾未变，当前国内氧化铝运行产能超9600万吨，库存达历史峰值且每月仍增量30余万 吨，新疆交割库接近满额，大量到期仓单还将持续压制价格。 需求端电解铝产能受限，对氧化铝需求增量有限，难以消化过剩供应。成本端也无支撑，几内亚铝土矿发 运回升，进口矿价跌至70美元/吨左右，氧化铝成本支撑持续下移。 技术面看，05合约短期压力集中在2800元/吨左右 。若无法突破该压力位，价格大概率回落，且年末难现 大规模减产，只有出现量级检修，价格颓势才可能扭转。 短多对待，抄底操作需格外谨慎。 GOLDTRUST FUTURES ...

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2] 2. Core Viewpoints of the Report - The current supply of asphalt has a high pressure, with the total planned production volume in December 2025 being 2.158 million tons, a month - on - month decrease of 3.24%. The weekly capacity utilization rate decreased by 0.18 percentage points, and the sample enterprise output decreased by 0.59% [7]. - The current demand is lower than the historical average. The heavy - traffic asphalt, building asphalt, modified asphalt, and waterproofing membrane开工率 are all at relatively low levels, and the overall demand is weak [7]. - In terms of cost, the daily asphalt processing profit decreased by 12.00%, and the weekly Shandong refinery delayed coking profit decreased by 2.11%. The decline in crude oil prices is expected to weaken the short - term support [8]. - The basis shows that the spot price is at a discount. The social inventory is decreasing, the factory inventory is increasing, and the port inventory is decreasing. The main position is net short, and the shorts are increasing. It is expected that the asphalt 2602 contract will fluctuate in the range of 2936 - 2988 in the short term [8]. - The positive factors are that the relatively high crude oil cost provides some support, while the negative factors are the insufficient demand for high - priced goods, the overall downward demand, and the increasing expectation of economic recession in Europe and the United States [10][11] 3. Summary According to the Directory 3.1 Daily Views - **Supply - side**: The total planned production volume of asphalt in December 2025 is 2.158 million tons, a month - on - month decrease of 3.24%. The weekly capacity utilization rate is 29.9017%, a decrease of 0.18 percentage points. The output of sample enterprises decreased by 0.59%, and the estimated maintenance volume increased by 14.29%. It is expected that the supply pressure will be reduced next week [7]. - **Demand - side**: The current demand of various types of asphalt is lower than the historical average. The heavy - traffic asphalt, building asphalt, modified asphalt, and waterproofing membrane开工率 are all in a relatively low state, indicating weak overall demand [7]. - **Cost - side**: The daily asphalt processing profit is - 361.95 yuan/ton, a decrease of 12.00%. The weekly Shandong refinery delayed coking profit is 981.9371 yuan/ton, a decrease of 2.11%. The decline in crude oil prices is expected to weaken the short - term support [8]. - **Basis**: On December 12, the Shandong spot price was 2,930 yuan/ton, and the 02 - contract basis was - 32 yuan/ton, indicating that the spot price was at a discount to the futures price [8]. - **Inventory**: The social inventory is 721,000 tons, a decrease of 3.22%. The factory inventory is 591,000 tons, an increase of 0.51%. The port diluted asphalt inventory is 470,000 tons, a decrease of 29.85% [8]. - **Disk**: The MA20 is downward, and the price of the 02 - contract futures is below the MA20 [8]. - **Main Position**: The main position is net short, and the shorts are increasing [8]. - **Expectation**: It is expected that the asphalt 2602 contract will fluctuate in the range of 2936 - 2988 in the short term [8] 3.2 Asphalt Market Overview - The report provides detailed data on the prices, price changes, inventory, and production of various asphalt futures contracts, including the 01 - 12 contracts, as well as the prices of different types of asphalt in various regions, such as heavy - traffic asphalt in the East China and North China regions [14] 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025, which helps to analyze the price relationship between the spot and futures markets [16][17][19] 3.4 Asphalt Futures Market - Spread Analysis - **Main - contract Spread**: The report shows the historical trends of the spreads between the 1 - 6 and 6 - 12 asphalt contracts from 2020 to 2025, which is useful for spread trading analysis [21][22] - **Asphalt - Crude Oil Price Trend**: The report presents the price trends of asphalt, Brent crude oil, and West Texas Intermediate crude oil from 2020 to 2025, which helps to analyze the correlation between asphalt and crude oil prices [24][25] - **Crude Oil Crack Spread**: The report shows the historical trends of the crack spreads of asphalt against SC, WTI, and Brent crude oils from 2020 to 2025 [26][27][28] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report presents the price ratio trends of asphalt against SC crude oil and fuel oil from 2020 to 2025 [30][32] 3.5 Asphalt Spot Market - Market Price Trends in Various Regions - The report shows the historical trend of the Shandong heavy - traffic asphalt price from 2020 to 2025 [33][34] 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The report shows the historical trend of asphalt profit from 2019 to 2025 [36][37] - **Coking - Asphalt Profit Spread**: The report presents the historical trend of the coking - asphalt profit spread from 2020 to 2025 [39][40][41] - **Supply - side Analysis**: - **Shipment Volume**: The report shows the historical trend of the weekly asphalt shipment volume from 2020 to 2025 [43][44] - **Diluted Asphalt Port Inventory**: The report presents the historical trend of the domestic diluted asphalt port inventory from 2021 to 2025 [45][46] - **Production**: The report shows the historical trends of the weekly and monthly asphalt production from 2019 to 2025 [48][50] - **Maya Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The report presents the historical trends of the Maya crude oil price and Venezuelan crude oil monthly production from 2018 to 2025 [51][53] - **Refinery Asphalt Production**: The report shows the historical trend of refinery asphalt production from 2019 to 2025 [54][55] - **Capacity Utilization**: The report presents the historical trend of the weekly asphalt capacity utilization from 2021 to 2025 [57][58] - **Estimated Maintenance Loss Volume**: The report shows the historical trend of the estimated asphalt maintenance loss volume from 2018 to 2025 [59][60] - **Inventory Analysis**: - **Exchange Warehouse Receipts**: The report presents the historical trends of the exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2025 [62][63][64] - **Social Inventory and Factory Inventory**: The report shows the historical trends of the social inventory (70 samples) and factory inventory (54 samples) of asphalt from 2022 to 2025 [66][67] - **Factory Inventory - to - Stock Ratio**: The report presents the historical trend of the factory inventory - to - stock ratio of asphalt from 2018 to 2025 [69][70] - **Import and Export Situation**: - **Export and Import Trends**: The report shows the historical trends of asphalt exports and imports from 2019 to 2025 [72][73] - **South Korean Asphalt Import Spread Trend**: The report presents the historical trend of the South Korean asphalt import spread from 2020 to 2025 [75][76][77] - **Demand - side Analysis**: - **Petroleum Coke Production**: The report shows the historical trend of petroleum coke production from 2019 to 2025 [78][79] - **Apparent Consumption**: The report presents the historical trend of asphalt apparent consumption from 2019 to 2025 [81][82] - **Downstream Demand**: - **Highway Construction and Fixed - Asset Investment in Transportation**: The report shows the historical trends of highway construction and fixed - asset investment in transportation from 2020 to 2025 [84][85] - **New Local Special - Purpose Bonds and Infrastructure Investment Completion**: The report presents the historical trends of new local special - purpose bonds and infrastructure investment completion from 2019 to 2025 [86] - **Downstream Machinery Demand**: The report shows the historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales from 2019 to 2025 [88][89][91] - **Asphalt开工率**: The report presents the historical trends of heavy - traffic asphalt开工率, asphalt开工率 by use, and downstream开工率 (such as shoe - material SBS - modified asphalt开工率, road - modified asphalt开工率, and waterproofing membrane开工率) from 2019 to 2025 [93][94][96] - **Supply - Demand Balance Sheet**: The report provides the monthly asphalt supply - demand balance sheet from September 2024 to December 2025, including production, import, export, downstream demand, and inventory data [103][104]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年12月15日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年12月份沥青总计划排产量为215.8万吨，环比降幅3.24%。本周国内石油沥青样 本产能利用率为29.9017%，环比减少0.18个百分点，全国样本企业出货25.342万吨，环比减少9.68%,样本企业 产量为49.9万吨，环比减少0.59%,样本企业装置检修量预估为94.4万吨，环比增加14.29%,本周炼厂有所减产， 降低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为27.8%，环比减少0.00个百分点，低于历史平均水平；建筑沥青开工率为6.6%， 环比持平，低于历史平均水平；改性沥青开工率为8.9781 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 铁矿石早报（2025-12-15） 每日观点 铁矿石： 1、基本面：钢厂铁水产量开始减少，总体供需宽松，港口库存累库，终端需求偏弱；偏空 2、基差：日照港PB粉现货折合盘面价825，基差64；日照港巴混现货折合盘面价836，基差76，现货升水期 货；偏多 3、库存：港口库存16111.47万吨，环比增加，同比增加；偏空 4、盘面：价格在20日线下方,20日线走平；偏空 5、主力持仓：铁矿主力持仓净多，多减；偏多 6、预期：国内需求降低，港口累库，震荡偏空思路 利多： 利空： 1.铁水产量保持高位。 2.港口库存减少。 3.进口亏损 4.下游钢材价格上涨，高价原料承受能力强 1. 后期发货量增加。 2. 终端需求依旧弱势。 铁矿石期现基差 铁矿石进 ...