-400 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 热卷--基差 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 | | 黑色产业数据每日监测（5.22） | | | --- | --- | --- | ...

黑色产业日报 简要观点 ◆ 螺纹钢 周三，螺纹钢期货价格窄幅震荡运行，杭州中天螺纹钢 3200 元/吨，较 前一日持平，10 合约基差 139（-2）。宏观方面，中美会谈成果超预期， 双方大幅互降关税，国内货币政策利多已经落地，不过市场仍在期待财 政政策发力；产业方面，上周螺纹钢表需大幅回升，库存再度去化，但是 需求即将面临季节性走弱压力，当下钢厂利润尚好，主动减产意愿不足， 后期供需矛盾会逐步显现。后市而言：估值方面，目前螺纹钢期货价格 低于电炉谷电成本，静态估值处于偏低水平；驱动方面，政策端，中美贸 易环境改善，近期国内出台大规模财政刺激政策概率较小，产业端，现 实供需尚可，但需求即将环比转弱，短期在低估值背景下，预计价格震 荡运行。(数据来源：同花顺 iFinD，Mysteel) ◆ 铁矿石 周三，铁矿石盘面窄幅震荡。受抢出口和高铁水意思影响，价格在相对 高位继续调整。现货方面，青岛港 PB 粉 765 元/湿吨（+2）。普氏 62% 指数 100.15 美元/吨（+0.05），月均 99.9 美元/吨。PBF 基差 81 元/ 吨（-1）。供给端：最新澳洲巴西铁矿发运总量 2,706.10 万吨，环+ ...

| | 黑色产业数据每日监测（5.21） | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 主力合约收盘价 涨跌 涨跌幅 现货价格 基差 | | | | | | 螺纹 | 3061 -2 -0.07% 3180 119 | | | | | | 热卷 | 3211 | 5 | 0.16% | 3280 | 69 | | 铁矿 | 728.5 5.5 0.76% 769 40.5 | | | | | | 焦煤 | 842 -3 -0.36% 990 148 | | | | | | 焦炭 | 1417.5 -2 -0.14% 1365 -52.5 | | | | | | | 市场概况 | | | | | | | 今日黑色系商品期货只有铁矿和热卷收涨。螺纹收于3061元/吨，下跌 | | | | | | | 0.07%；热卷主力合约收于3211元/吨，上涨0.16%；铁矿今日主力合约收于 | | | | | | | 728.5元/吨；双焦今天继续下跌。 | | | | | | | 市场分析 | | | | | | | 需求方面，目前终端房地产投资延续下滑态势 ...

黑色产业日报 产业服务总部 黑色产业团队 2025/5/21 公司资质 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字[2014]1 号 简要观点 ◆ 螺纹钢 周二，螺纹钢期货价格震荡偏弱运行，杭州中天螺纹钢 3200 元/吨，较 前一日持平，10 合约基差 142（+11）。宏观方面，中美会谈成果超预 期，双方大幅互降关税，国内货币政策利多已经落地，不过市场仍在期 待财政政策发力；产业方面，上周螺纹钢表需大幅回升，库存再度去化， 但是需求即将面临季节性走弱压力，当下钢厂利润尚好，主动减产意愿 不足，后期供需矛盾会逐步显现。后市而言：估值方面，目前螺纹钢期货 价格低于电炉谷电成本，静态估值处于偏低水平；驱动方面，政策端，中 美贸易环境改善，近期国内出台大规模财政刺激政策概率较小，产业端， 现实供需尚可，但需求即将环比转弱，短期在低估值背景下，预计价格 震荡运行。(数据来源：同花顺 iFinD，Mysteel) ◆ 铁矿石 周二，铁矿石盘面窄幅震荡。受抢出口和高铁水意思影响，价格在相对 高位继续调整。现货方面，青岛港 PB 粉 763 元/湿吨（+1）。普氏 62% 指数 100.10 美元/吨（-0.2 ...

-200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 -1000 -500 0 500 1000 1500 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 焦煤--基差 -1000 -500 0 500 1000 1500 日期 01-15 01-30 02-14 02 ...

黑色产业日报 简要观点 ◆ 螺纹钢 周一，螺纹钢期货价格震荡偏弱运行，杭州中天螺纹钢 3200 元/吨，较 前一日下跌 10 元/吨，10 合约基差 131（+3）。宏观方面，中美会谈成 果超预期，双方大幅互降关税，国内货币政策利多已经落地，不过市场 仍在期待财政政策发力；产业方面，上周螺纹钢表需大幅回升，库存再 度去化，但是需求即将面临季节性走弱压力，当下钢厂利润尚好，主动 减产意愿不足，后期供需矛盾会逐步显现。后市而言：估值方面，目前螺 纹钢期货价格低于电炉谷电成本，静态估值处于偏低水平；驱动方面， 政策端，中美贸易环境改善，近期国内出台大规模财政刺激政策概率较 小，产业端，现实供需尚可，但需求即将环比转弱，短期在低估值背景 下，预计价格震荡运行。(数据来源：同花顺 iFinD，Mysteel) ◆ 铁矿石 周一，铁矿石盘面窄幅震荡。受抢出口和高铁水意思影响，价格在相对 高位继续调整。现货方面，青岛港 PB 粉 762 元/湿吨（-3）。普氏 62% 指数 100.35 美元/吨（-0.75），月均 99.86 美元/吨。PBF 基差 83 元/ 吨（+2）。供给端：最新澳洲巴西铁矿发运总量 2,706. ...

浙商中拓（000906）公告，公司拟与湖北金盛兰、陈宇心共同投资设立浙商中拓金盛兰(浙江)有限公 司，注册资本1亿元，其中公司出资5100万元，持股51%。本次投资旨在提升公司在黑色产业链的核心 竞争力和市场影响力，不涉及关联交易。投资资金来源为各股东自有资金，预计对公司财务状况和经营 成果不会产生重大影响。 ...

黑色产业链日报 2025/5/14 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关 ...

-200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 -1000 -500 0 500 1000 1500 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 焦煤--基差 -1000 -500 0 500 1000 1500 日期 01-15 01-30 02-14 02 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel market currently has strong real - world fundamentals and rising macro - optimistic expectations, which support the lower limit of finished products. However, the weak demand expectation and the tendency of new orders to decline limit the upward space of the futures market. Without unexpected positive news, the futures market may fluctuate in the near term [3]. - The iron ore market is trading on the expectation of future demand rather than the current situation of strong supply and demand. There is an expectation of a significant decline in demand in mid - to late May, and the weakening of exports may intensify industrial chain contradictions [17]. - The coal - coke market is in a short - term situation of strong supply and demand. In the long - term, due to coal supply guarantee and crude steel reduction expectations, coking coal may face long - term price decline, and the upward resistance of coke futures is relatively large [34]. - The ferroalloy market still has a high - inventory pattern. Although the pressure of high supply of silicon manganese has been alleviated, supply still exceeds demand compared with weak downstream demand. The production of silicon iron has increased slightly this week, and the large increase in warehouse receipts suppresses the rise of the futures price [54]. - The soda ash market is expected to have more maintenance in May, increasing supply disturbances. The market is in a long - term oversupply expectation, and although the current inventory accumulation is less than expected, the supply disturbances may increase market fluctuations [70]. - The glass market is facing over - supply pressure. The futures price may continue to decline to force new cold repairs. The key variables are the delay of ignition and new cold repairs, as well as the improvement of demand [96]. Summary by Related Catalogs Steel Price Data - On May 7, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3126, 3048, and 3098 respectively, and those of hot - rolled coil 01, 05, and 10 contracts were 3239, 3200, and 3217 respectively [4]. - The spot prices of rebar in different regions such as Shanghai, Beijing, and Hangzhou were between 3180 - 3344 yuan/ton on May 7, 2025 [9]. Market Analysis - From a macro - industrial perspective, Sino - US trade negotiations seem to have new progress, and the macro - optimistic expectation has risen. The real - world fundamentals are strong, but the future demand expectation is weak, and the market may face pressure from weakening demand and falling raw material costs [3]. Iron Ore Price Data - On May 7, 2025, the closing prices of 01, 05, and 09 contracts were 681, 768, and 708 respectively. The prices of different types of iron ore in Rizhao, such as PB powder, were also provided [18]. Market Analysis - The current supply and demand of iron ore are both strong, but the market is trading on future expectations. There is an expectation of a significant decline in demand in mid - to late May, and the negative feedback pressure on steel mills to reduce production is increasing [17]. Coal - Coke Price Data - On May 7, 2025, the coking coal and coke warehouse receipt costs and basis in different regions and contracts were provided, as well as the coking profit on the futures market [35]. Market Analysis - In the short - term, the supply and demand of coal - coke are both strong. In the long - term, coking coal may face long - term price decline, and the upward resistance of coke futures is relatively large [34]. Ferroalloy Price Data - On May 7, 2025, the silicon iron and silicon manganese basis, futures spreads, and spot prices in different regions were provided, as well as the prices of related raw materials and the number of warehouse receipts [55][56]. Market Analysis - The ferroalloy market still has a high - inventory pattern. The supply of silicon manganese still exceeds demand, and the increase in silicon iron production and warehouse receipts suppresses the futures price [54]. Soda Ash Price Data - On May 7, 2025, the soda ash futures prices, spreads, and spot prices in different regions were provided [71][72]. Market Analysis - In May, there are expected to be more maintenance activities, increasing supply disturbances. The market is in a long - term oversupply expectation, and although the current inventory accumulation is less than expected, the supply disturbances may increase market fluctuations [70]. Glass Price Data - On May 7, 2025, the glass futures prices, spreads, and basis in different regions were provided, as well as the daily sales data in different regions [98][99]. Market Analysis - The glass market is facing over - supply pressure. The futures price may continue to decline to force new cold repairs. The key variables are the delay of ignition and new cold repairs, as well as the improvement of demand [96].