1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - For steel, the spot market is closed during the holiday, and the futures price fluctuates weakly. The market's expectation for the post - holiday period is not ideal. It is recommended to wait and see for unilateral trading and conduct rolling operations for hot - rolled coil positive spreads. For large spot exposures, selling hedging or options can be used to reduce risks [2] - For ferrosilicon and silicomanganese, the supply - demand situation is weak. Policy and cost factors are favorable. It is recommended to hold an empty or light position during the long holiday due to many uncertainties [3] - For coking coal and coke, the market continues to weaken. It is recommended to cash in spot positions before the holiday and wait for opportunities to short on the futures market after the price rises [5] - For iron ore, the restocking is basically over, and the price will fluctuate before the holiday. It is recommended that long - term investors short at the pressure level [6] 3. Summary by Related Catalogs Steel - The spot market is closed during the approaching holiday, and the futures price fluctuates weakly, indicating a not - so - optimistic market expectation for the post - holiday period. The black market is less affected by the cooling of the commodity market. Traders are not willing to take open positions for winter storage and are more suitable to participate through basis trading. Before the holiday, it is recommended to wait and see for unilateral trading and conduct rolling operations for hot - rolled coil positive spreads. For large spot exposures, selling hedging or options can be used to reduce risks [2] Ferrosilicon and Silicomanganese - The downstream terminal demand is seasonally weak, and the direct demand is weak and stable. The alloy factory's profit is under pressure, and the production and start - up rate have decreased compared with the same period last year. The medium - term supply surplus pressure remains. Policy and cost factors are favorable, such as the increase in manganese ore prices and electricity price disturbances. It is recommended to hold an empty or light position during the long holiday [3] Coking Coal and Coke - The spot market trading is cold during the approaching holiday. The futures market of the black sector fluctuates weakly. The market is in the off - season, and the industrial data is weak. The downstream restocking is near the end. There is news about Indonesian production cuts, but the probability of substantial cuts is low, and it provides an opportunity for spot - futures positive spreads. It is recommended to cash in spot positions before the holiday and wait for opportunities to short on the futures market after the price rises [5] Iron Ore - The steel mill's restocking is basically over, and the restocking strength is not as strong as expected. The price will fluctuate before the holiday. After the holiday, the Australian weather may affect the supply rhythm, and the price impact is more likely to be a rebound followed by a better short - selling point. It is recommended that long - term investors short at the pressure level [6]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材早报：预期偏弱，期钢震荡寻底 市场信息： 5、 2月10日，76家独立电弧炉建筑钢材钢厂平均成本为3296元/吨，环比昨日减少62元/吨，平均润亏损52元/吨，谷电利润为14元/吨。 6、 上周，五大钢材品种供应819.9万吨，周环比下降3.27万吨，降幅0.4%；五大钢材总库存1337.75万吨，周环比增59.24万吨，增幅4.6%；五大品种周消费 量为760.66万吨，降5.1%；其中建材消费环比降16.6%，板材消费环比增0.1%。 （楚新莉 期货交易咨询从业信息：Z0018419，仅供参考） 螺纹钢： 上周螺纹钢产量环比减产8.15万吨至191.68万吨，螺纹总库存累库44.04万吨至519.57万吨，表需下降28.76 万吨至147.64 万吨。供应方面，目前产量下降主要 是由于例行检修以及钢厂接单不足所致，后续由于短流程产量将集中减产，订单接单仍有缺口，预计产量将进一步下降。需求方面，随着工地停工、加工企 业放假范围扩大，现货成交进一步萎缩，季节性淡季特征更加明显。市场冬储基本完成，价格表现或趋弱。 （楚新莉 期货交易咨询从业信 ...

Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [6] Core Viewpoints - The demand for steel before the festival has declined, the fundamentals lack highlights, and the futures market is weak. The resumption of production in steel mills is slow, but there are disturbances in the iron ore shipping end, and the futures market shows signs of stabilization. As the winter storage is coming to an end, the support for coking coal and coke replenishment is gradually weakening, and the support for the futures market is limited. There are disturbances in the glass supply end, but the supply - demand surplus suppresses the futures price. In the short term, the futures market has downward adjustment pressure, but there are still macro disturbances before the Two Sessions, and the downside space is limited [1][2][3] Summary by Directory 1. Iron Element - The inventory pressure continues to increase, and there are still expectations of weather disturbances on the supply side. The current market has average expectations for post - festival demand, and the futures market is under pressure. However, important meetings will be held after the festival, and there are still macro expectations. After the rapid decline of the futures market, the pressure has been released. Pay attention to market sentiment changes. The supply and daily consumption of scrap steel are expected to decline seasonally. As the replenishment is approaching the end, the overall fundamentals will weaken marginally, and the spot price is expected to follow the finished products [2] 2. Carbon Element - The subsequent growth space of coke supply is limited, while the expectation of downstream steel mill复产 still exists. The coke supply - demand structure will remain healthy, but the bullish driving force of the fundamentals is also limited. The spot is expected to remain stable, and the futures market is expected to follow the cost - end coking coal. Before the Spring Festival, the supply and demand of coking coal are expected to decline. After the Spring Festival, the resumption of production in coal mines is still restricted, and the fundamentals of coking coal may continue to be healthy. The spot is expected to oscillate [2] 3. Alloys - In the manganese - silicon market, supply is stronger than demand, and the pressure on upstream inventory reduction is increasing. When the futures price rises to a high level, it will face selling - hedging pressure. It is expected that the futures price of the main manganese - silicon contract will oscillate around the cost. In the silicon - iron market, both supply and demand are weak, and the fundamental contradictions are limited. However, the trading activity in the market around the Spring Festival is low, and the upward driving force of the futures market is insufficient. It is expected that the silicon - iron futures price will run at a low level around the cost [3] 4. Glass and Soda Ash - There are still expectations of disturbances in the glass supply, but the inventory of the middle and downstream is moderately high. From the perspective of fundamentals, the current supply - demand is still in surplus. If there is no more cold repair before the end of the year, the high inventory will always suppress the price. The overall supply - demand of soda ash is still in surplus. It is expected to oscillate in the short term. In the long run, the supply - surplus pattern will further intensify, and the price center will still decline, promoting capacity reduction [3] 5. Individual Commodity Analysis Steel - Before the festival, the demand weakens, and the futures market is weak. The spot market trading is weak. The profitability of steel mills remains stable, the resumption of production in steel mills is slow, the molten iron output increases slightly, the electric furnaces begin to shut down one after another, and the output of five major steel products decreases slightly. The demand for building materials weakens seasonally, and the manufacturing demand is also in the off - season. The pressure of steel inventory accumulation is emerging, and the fundamentals are gradually accumulating contradictions. In the short term, the futures market has downward adjustment pressure, but there are still macro disturbances before the Two Sessions, and the downside space is limited [7] Iron Ore - The fundamentals are weakening, and the price is under pressure to oscillate. The global shipping volume has decreased slightly. If there are no other sudden disturbances, the supply side is expected to remain relatively loose. The demand for molten iron is still stable, and steel mills are accelerating the replenishment before the Spring Festival. As the replenishment progresses, the support for the price may gradually weaken. The inventory pressure is still accumulating, and the market sentiment has weakened recently. The futures market is under pressure. After the festival, the Two Sessions will be held, so pay attention to market sentiment changes [7][8] Scrap Steel - The electric furnaces are gradually shutting down, and the arrival of scrap steel at steel mills has decreased. The supply and daily consumption of scrap steel are expected to decline seasonally. As the replenishment is approaching the end, the overall fundamentals will weaken marginally, and the spot price is expected to follow the finished products [9] Coke - Before the festival, the sentiment is average, and the futures market is under pressure to operate. The supply of coke has increased month - on - month, the demand is supported by rigid demand, and the inventory in steel mills has increased. The supply - demand structure of coke is relatively healthy. After the spot price increase is implemented, it remains stable for the time being, and the futures market still follows the cost - end coking coal [10] Coking Coal - More coal mines are on holiday, and the futures and spot are under pressure to oscillate. Before the Spring Festival, the supply and demand of coking coal are expected to decline. After the Spring Festival, the resumption of production in coal mines is still restricted, and the fundamentals of coking coal may continue to be healthy. The spot is expected to oscillate, and the futures market is expected to oscillate widely under the influence of capital sentiment [11] Glass - Before the festival, the contradictions are limited, and the price oscillates. There are expectations of disturbances in the supply, but the inventory of the middle and downstream is moderately high. The current supply - demand is still in surplus. If there is no more cold repair before the end of the year, the high inventory will always suppress the price [12] Soda Ash - The supply remains at a high level, and the price oscillates. The supply - demand fundamentals have no obvious changes, and the industry is still in the stage of clearing at the bottom of the cycle. The downstream demand has a downward trend, and the dynamic surplus expectation is further intensified. The spot price may return to the price - cut channel, and it is expected to oscillate in the short term. In the long run, the supply - surplus pattern will further intensify, and the price center will still decline, promoting capacity reduction [12][15] Manganese - Silicon - The inventory tends to increase, and there is still pressure above. The upstream inventory of manganese - silicon is high, but the cost price is firm, which makes it difficult for the futures price to continue to fall. The market trading is cold before the holiday, and the demand support for the price is weakening. The supply may increase after the festival, and the market inventory may further accumulate. It is expected that the futures price of the main manganese - silicon contract will oscillate around the cost [16] Silicon - Iron - The trading atmosphere has become lighter, and the cost still provides support. The black - plate is under pressure in the off - season, and the market trading is rare before the holiday. The cost support of silicon - iron has become stronger. The demand support for the price is weakening, the production of silicon - iron remains at a low level, and the trading activity is low around the Spring Festival. It is expected that the silicon - iron futures price will run at a low level around the cost [18] 6. Index Information - On February 10, 2026, the comprehensive index of CITIC Futures commodities is 2383.17, up 0.35%; the commodity 20 index is 2722.24, up 0.43%; the industrial products index is 2281.60, up 0.12%. The steel industry chain index on February 10, 2026, is 1928.47, with a daily decline of 0.38%, a decline of 2.68% in the past 5 days, a decline of 4.76% in the past month, and a decline of 2.40% since the beginning of the year. The PPI commodity index is 1404.94, up 0.04% [104][105]

中信期货研究|⿊⾊建材策略⽇报 2026-02-10 现实预期不佳，盘⾯仍有压⼒ 淡季钢材端累库压⼒渐显，基本⾯缺乏亮点，盘⾯延续弱势。钢⼚复 产节奏偏缓，但铁矿⽯发运端存在扰动，盘⾯有企稳迹象。冬储临近 尾声，煤焦补库⽀撑逐步转弱，盘⾯表现偏弱。玻璃供应端存在扰 动，但玻纯供需过剩压制盘⾯价格。 淡季钢材端累库压力渐显，基本面缺乏亮点，盘面延续弱势。钢厂复 产节奏偏缓，但铁矿石发运端存在扰动，盘面有企稳迹象。冬储临近 尾声，煤焦补库支撑逐步转弱，盘面表现偏弱。玻璃供应端存在扰 动，但玻纯供需过剩压制盘面价格。 投资咨询业务资格：证监许可【2012】669号 1. 铁元素方面：库存压力持续增加，供应端仍存天气扰动预期，当 前市场对节后需求预期一般，盘面表现承压，但节后即将召开重要会 议，宏观预期仍存，盘面快速回落后压力有所释放，关注市场情绪变 化。废钢供应、日耗均有季节性下降的预期，随着补库接近尾声，整 体基本面将边际转弱，预计现货价格跟随成材为主。 2. 碳元素方面：焦炭供应后续增长空间有限，而下游钢厂复产预期 仍在，焦炭供需结构将持续保持健康，但基本面利多驱动同样有限， 现货预计暂稳运行，盘面预计仍将跟随 ...

Group 1 - The overall market sentiment is weak, with expectations for steel prices to decline as demand remains subdued and winter storage is nearly complete [4][6][17] - Nationally, 30 provinces have set GDP growth targets for 2026, with several major economic provinces aiming for over 5% growth [4][15] - Excavator sales in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, indicating strong demand in the construction sector [4][15] Group 2 - The average capacity utilization rate of independent electric arc furnace steel mills was 48.12%, a decrease of 7.59 percentage points week-on-week, but an increase of 44.85 percentage points year-on-year [5][16] - Total inventory of five major steel products increased by 4.6% week-on-week to 13.38 million tons, while weekly consumption decreased by 5.1% [5][16] - Rebar production decreased by 81,500 tons week-on-week to 1.9168 million tons, with total inventory rising by 440,400 tons to 5.1957 million tons [6][17] Group 3 - Hot-rolled steel production slightly decreased by 500 tons to 3.0916 million tons, with total inventory increasing by 36,200 tons [7][18] - The iron ore transaction volume on February 9 was 638,000 tons, a decrease of 19.4% week-on-week, reflecting a slowdown in market activity as the Spring Festival approaches [4][15] - The production of iron alloys remains under pressure, with prices fluctuating and demand from steel mills not meeting expectations [9][20]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 9 日星期一 联系方式：010-56711796 | | | | | | 钢材: 【行情复盘】 周五螺纹热卷收涨。夜盘收跌。 | | --- | --- | --- | | | | 【重要资讯】 1、中机联：预计 2026 年机械工业主要指标增速在 5.5%左右。 | | | | 2、1 月份全球制造业采购经理指数为 51%，较上月上升 1.5 个百分点。 | | | | 3、中国工程机械工业协会：2026 年 1 月我国挖掘机开工率为 48.6%。 | | 黑色建材 钢材 | 震荡 | 4、河北 6 市启动重污染天气Ⅱ级应急响应。石家庄、唐山、保定、廊坊、衡水、 | | | | 沧州于 2 月 8 日启动重污染天气Ⅱ级应急响应。 | | | | 【市场逻辑】 | | | | 本期钢材供需双降，临近假期，下游需求逐渐减少，市场基本处于半停滞状态。库 | | | | 存继续增加，冬储力度偏弱，冬储价格 3050-3150 元，后结算模式，市场 ...

晨报 成材 成材：供需双弱 成材偏弱整理 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 成文时间： 2026 年 2 月 9 日 逻辑：上周，247 家钢厂高炉开工率 79.53%，环比增加 0.53 个百分 点，同比增加 1.55 个百分点；日均铁水产量 228.58 万吨，环比增加 0.60 万吨，同比增加 0.14 万吨。河北 6 市启动重污染天气Ⅱ级应急响应。石 家庄、唐山、保定、廊坊、衡水、沧州于 2 月 8 日启动重污染天气Ⅱ级应 急响应。河南冬储政策陆续出台，主流锁价 3040 元/吨，后结算模式延至 3 月底，部分钢厂选择自储或按需发货。商家冬储意愿偏低，普遍备货 1000-2000 吨，节后需求复苏预期较弱，市场整体谨慎观望。据中国工程 机械工业协会对挖掘机主要制造企业统计，2026 年 1 月销售各类挖掘机 18708 台，同比增长 49.5%。其中：国内销量 8723 台，同比增长 61.4%； 出口量 998 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In the future week, asphalt prices will mainly fluctuate with the cost - end crude oil. The main factor influencing crude oil is geopolitics, but small - scale geopolitical frictions cannot reverse the weak fundamentals and oversupply situation of crude oil. [1] - Due to the continuous slump in domestic diesel prices and the large inventory pressure of refined oil in some Shandong refineries, the suppression of asphalt by full - storage may lead to a smooth decline in prices when the rigid demand after the Spring Festival fails to meet expectations. [1] - As the holiday approaches, the trading enthusiasm of asphalt may gradually fade, and investors need to pay attention to position risk control before the festival. [1] 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - As the holiday approaches, the spot - end has "celebrated the New Year in advance", and the demand has dropped to zero. The previous continuous premium increase in the futures market has not been fully followed by the spot market. [1] - The increase in the discount quotation of Ma Rui crude oil has led some Shandong refineries to switch to other heavy - oil resources. The so - called raw material shortage is not the key factor restricting the refinery's operating rate, but it does have a certain impact on the long - term cost valuation. [1] 3.1.2 Trading - Type Strategy Recommendations - The update of the basis, calendar spread, and hedging arbitrage strategy recommendations is suspended due to compliance requirements. The update of the recent strategy review is also suspended. [10] 3.1.3 Industrial Customer Operation Recommendations - **Price Range Forecast**: The price range forecast for the asphalt main contract in the coming month is 2800 - 3150 yuan/ton, with a current 20 - day rolling volatility of 25.63% and a 3 - year historical percentile of 54.76%. [10] - **Risk Management Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory, they can short asphalt futures to lock in profits and sell call options to reduce capital costs. [10] - **Procurement Management**: For enterprises with low regular inventory and hoping to purchase according to orders, they can buy asphalt futures to lock in procurement costs in advance and sell put options to collect premiums. [10] 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive Information**: Geopolitical disturbances in the Middle East have increased the upward elasticity of crude oil prices, and the discount quotation of Ma Rui crude oil has risen. [11][13] - **Negative Information**: No specific negative information was provided in the text. - **Spot Transaction Information**: This week, asphalt prices in Shandong decreased by 10 yuan/ton, while prices in other regions increased by 5 - 115 yuan/ton. The cost of crude oil and the futures market were favorable, and there was some rush - work demand in the south. However, in the north, the rigid demand stagnated, and the overall sales volume decreased. [15][16] 3.2.2 Next Week's Important Events to Watch - Geopolitical situation changes, including the latest shipping and arrival logistics of Venezuelan and Iranian crude oil, the export and shipment of Russian crude oil, the possibility of the end of the Russia - Ukraine conflict, and the changes in floating storage inventory at sea. [17][22] - The progress and results of the subsequent US - Iran negotiations. [22] - The end of the asphalt consumption peak season, with demand under pressure. [17] - The US may cause the geopolitical premium of crude oil to decline by urging Ukraine to resolve the battlefield issue. [17] - The US may issue more threats of imposing tariffs under the pretext of national security. [17] 3.3 Disk Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Unilateral Trend and Capital Movement**: This week, the asphalt futures price showed a volatile trend, and market sentiment was cautious. The net short - position of key asphalt seats has decreased, indicating that some institutions are more optimistic about the future market. The market may continue to fluctuate in the short term. [18] - **Basis Structure**: This week, the asphalt basis structure weakened, with the futures market at a premium. Frequent geopolitical disturbances supported market activity through low - price contract resources despite weak demand. [21] - **Calendar Spread Structure**: The absolute price of asphalt jumped due to geopolitical factors, but the calendar spread structure remained in a weak C - structure, which is in line with the characteristics of the approaching off - season. [39] 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industry Chain - **Coking Material Market**: As of February 5th (compared with January 29th), the price of Shandong coking materials increased by 50 yuan/ton to 3650 yuan/ton. The trading atmosphere in the refined oil market was positive, and the replenishment enthusiasm of middle - and lower - stream users was high, leading to a slight rebound in coking material prices. [43] - **Asphalt Market**: The mainstream transaction price of Shandong heavy - traffic asphalt decreased by 10 yuan/ton to 3220 - 3280 yuan/ton. Although the previous strong crude oil price supported the asphalt futures market, the weak demand led to few spot transactions. In the short term, the off - season demand and the planned resumption of production of some refineries may lead to a further decline in asphalt prices. [43] 3.4.2 Import - Export Profit Tracking - **South Korea Market**: The CIF price of South Korean asphalt in East China is 395 - 405 US dollars/ton, and the RMB duty - paid price is 3180 - 3260 yuan/ton. Although the price of South Korean asphalt in February increased compared with January, it still has a price advantage, and the import volume in January and February remained high. [52] - **Singapore, Malaysia, and Thailand Markets**: The CIF price of Singaporean asphalt in South China is 490 - 510 US dollars/ton, and the RMB duty - paid price is 3870 - 4030 yuan/ton; the CIF price of Thai asphalt in South China is 465 - 475 US dollars/ton, and the RMB duty - paid price is 3680 - 3760 yuan/ton. The price increase in the Singapore market was driven by crude oil and fuel oil, but the trading atmosphere has cooled down due to the decrease in rush - work demand. [52] 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Side and Deduction - **Domestic Production**: In 2025, China's asphalt production was 28.47 million tons, a year - on - year increase of 12%. Among them, the production of PetroChina refineries increased by 33% year - on - year, Sinopec's decreased by 12% year - on - year, CNOOC's increased by 13% year - on - year, and local refineries' increased by 19% year - on - year. [55] - **Import**: The import volume of South Korean and other regions' asphalt remained at a relatively high level, and the price of some brands' March shipments continued to rise. [52] 3.5.2 Demand - Side and Deduction - Most regions' demand has decreased due to temperature and the approaching holiday, and the operating rate of modified asphalt plants has continued to decline. [80] 3.5.3 Inventory - Side and Deduction - Some social warehouses in the Northeast, Northwest, and North China continued to store winter - storage resources; the inventory in the South China and Southwest regions decreased steadily due to some rush - work demand; the inventory in the Yangtze River Delta and Central China regions fluctuated little. [97] 3.5.4 Supply - Demand Balance Sheet The report provides the asphalt monthly supply - demand balance sheet from January to December 2025, including data on production, imports, exports, apparent consumption, actual demand, and inventory changes. [119] 3.5.5 Weather Outlook In the next 10 days (February 8 - 17th), most of the regions in Huanghuai, Jianghuai, Jianghan, southern China, and the eastern part of the southwestern region will experience precipitation, which is higher than the same period in previous years. [120]

01 报告摘要 钢材铁矿周度报告 衡飞池 从业资格号：F03122956 投资咨询号：Z0022861 中航期货 2026-02-06 目录 02 多空焦点 03 数据分析 04 后市研判 报告摘要 PART 01 市场焦点 1. 安徽省13家建筑钢材生产企业中，6家电炉钢厂已规划春节前后检修计划，平均检修时间为27天，较去年减少4天，预计检修 影响产量37.64万吨。 2. 山西11家建筑钢材生产厂家中，7家钢厂不同程度停产检修，另外1家钢厂计划3月份检修。根据各家钢厂检修及不饱和生产 情况，日影响建筑钢材产量约在4.7万吨。 3. 云贵地区9家短流程钢厂中，7家钢厂春节期间均会安排停产检修。受效益影响，今年短流程钢厂停产检修时间较往年平均缩 短了约8天，平均停产检修天数在18天，日均影响产量2.7万吨，较往年减少0.15万吨。 4. 截至2月3日，13家钢厂发布2026年冬储政策，其中东北5家，华北3家，西北2家，西南3家。 5. 13省2026年政府工作报告中提及基建行业相关的内容。其中，河南实施1000个以上省重点项目，年度完成投资1万亿元；陕 西实施省级重点项目640个、完成投资3500亿元以上。 ...

证监许可【2011】1288号 报告 节前钢矿预计下方空间有限 2026年2月6日 更多精彩内容 请关注 格林大华期货 官方微信 研究员：纪晓云 联系方式：010-56711796 期货从业资格证号：F3066027 期货交易咨询号：Z0011402 钢材观点 钢材：临近春节，钢厂陆续放假，供给下降。钢材持续累库，季节惯性。钢材消费总体下降，其中建材降幅较大，板 材微增，下游需求逐渐减少，市场基本处于半停滞状态。其中建材减量显著，板材消费未明显下降。冬储需求看，下 游冬储意愿仍较弱，今年冬储量普遍低于去年。冬储价格多为3100-3150元/吨，对盘面形成支撑，市场对节后多看稳。 上游焦炭提涨，对盘面形成一定支撑。综合判断，当前成材价格并无明显驱动，螺纹主力3050仍为强支撑，预计节前 难突破震荡区间下沿。 铁矿：本期全球铁矿石发运增加，到港量增加。海外继续维持高发运量，供给端预期增加。国内矿山产量下降，铁矿 供给弹性不足。港口进口铁矿库存持续累库。本期铁水日产228.58万吨，周环比增加0.6万吨，临近假期，铁水产量变 化不大，铁矿刚性需求难有增量。多数钢厂节前补库进入尾声，缺口较小，对铁矿石价格支撑不足。预 ...