Market Overview - On February 2, the domestic commodity futures market saw widespread limit-downs, with major contracts for silver, palladium, platinum, copper, nickel, crude oil, and lithium carbonate all hitting the limit. The night session closed with the main silver contract down 20%, tin down 12.38%, crude oil down 4.8%, and gold down 3.86% [4][15]. Manufacturing Sector - China's official manufacturing PMI for January was 49.3%, a decrease of 0.8 percentage points month-on-month. The National Bureau of Statistics noted that some manufacturing sectors entered a traditional off-season, coupled with insufficient market demand, leading to a decline in manufacturing sentiment [4][15]. Shipbuilding Industry - In 2025, China's shipbuilding completion volume reached 53.69 million deadweight tons, a year-on-year increase of 11.4%, accounting for 56.1% of the global total. However, new orders received were 107.82 million deadweight tons, down 4.6% year-on-year, representing 69.0% of the global total. As of the end of December, the hand-held order volume was 27.44 million deadweight tons, up 31.5% year-on-year, making up 66.8% of the global total. China has maintained its leading position in the international shipbuilding market for 16 consecutive years [4][15]. Steel Market - On February 2, the national main port iron ore transactions were 817,000 tons, a decrease of 9.9% month-on-month. The transaction volume of construction steel from 237 mainstream traders was 46,800 tons, down 16.5% month-on-month [5][16]. - Last week, the operating rate of 247 steel mills was 79%, an increase of 0.32 percentage points from the previous week and up 1.02 percentage points year-on-year. The capacity utilization rate for ironmaking was 85.47%, a slight decrease of 0.04 percentage points week-on-week but up 0.83 percentage points year-on-year. The profit margin for steel mills was 39.39%, down 1.30 percentage points week-on-week and down 9.53 percentage points year-on-year. The average daily pig iron output was 2.2798 million tons, a decrease of 0.12 million tons week-on-week [5][16]. - The total supply of five major steel products last week was 8.2317 million tons, continuing to rise week-on-week. The production of rebar increased by 0.28 million tons to 1.9983 million tons, while hot-rolled production increased by 3.8 million tons to 3.0921 million tons. The total inventory of five major steel products was 12.7851 million tons, an increase of 214,300 tons week-on-week [5][16]. Rebar and Hot-Rolled Steel - Rebar production continued to increase slightly, with a total output of 1.9983 million tons, and total inventory rose by 234,300 tons to 4.7553 million tons. Demand decreased by 91,200 tons to 1.764 million tons. The current supply of rebar is recovering, but demand remains weak, leading to a seasonal downturn in the market. Prices are expected to remain stable in the short term, with continued narrow fluctuations [6][17]. - Hot-rolled steel production saw a slight increase, with actual output at 3.0921 million tons, up 38,000 tons week-on-week. Total inventory decreased by 22,000 tons, but the pace of reduction has slowed. Demand increased slightly by 14,500 tons to 3.1141 million tons. Traders are cautious about future market conditions, adopting a "low inventory, fast turnover" strategy [7][18]. Price Strategy - The short-term trading range for rebar 2605 is referenced at 3,050-3,200 yuan/ton, while the hot-rolled 2605 contract is referenced at 3,250-3,350 yuan/ton [8][19]. Alloy Market - The alloy market is experiencing increased volatility, with emotional trading becoming evident. Overall supply remains low, and production levels have stabilized. The cost side is seeing gradual increases, but fundamental support remains insufficient. Steel mills' production intensity is stable, and the winter restocking phase is nearing its end. Prices are expected to maintain a fluctuating pattern [9][20].

3，基差：期货贴水现货 142 元/吨。基差仍然较大，有一定支撑。盘面 冬储有一定性价比。 二、基本面数据 【冠通期货研究报告】 螺纹日报：增仓下跌 发布日期：2026 年 2 月 2 日 一、市场行情回顾 1，期货价格：螺纹钢主力合约周一持仓量增仓 49987 手，成交量相比上 一交易日缩量，成交量 1134404 手。日均线来看跌破短期 5 日均线，中期 30 日 均线，最低 3093，最高 3139，收于 3098 元/吨，下跌 49 元/吨，跌幅 1.56%。 2，现货价格：主流地区上螺纹钢现货 HRB400E 20mm 报价 3240 元/吨， 相比上一交易日下跌 10 元。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 53.72 万吨，厂家库存压力同比大幅缓解，社库同比大降，社库压力同比减 轻。给到价格支撑。 ■宏观面：央行释放适度宽松信号，财政部强调支出力度只增不减， 但房地产需求拖累，宏观来说增量需求相对有限，但宽松周期相对起到支 撑，需求上限决定压力。 1，供需情况： 供应端：截至 1 月 29 日当周，螺纹钢产量环比上升 0.28 万吨至 1 ...

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：市场情绪波动 价格高位宽幅震荡 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 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 证监许可【2011】1452 号 逻辑:昨日沪铝高位偏强。宏观上美联储将联邦基金利率目标区间维持 在 3.5%至 3.75%之间，符合市场普遍预期。市场对美元可能贬值的担忧再 起，其影响超过了美国财长贝森特重申强势美元政策的表态。 以伊冲突 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On January 29, 2026, the A - share market showed mixed performance, with the Shanghai Composite Index rising 0.16% and the Shenzhen Component Index and the ChiNext Index falling 0.30% and 0.57% respectively. The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing reached 325.97 billion yuan, an increase of 267.1 billion yuan from the previous day [1]. - Various futures products showed different trends on January 29, affected by factors such as supply - demand relationships, seasonal factors, international market conditions, and macro - economic factors [2][3][4] 3. Summary by Variety Stock Index Futures - On January 29, the Shanghai Composite Index closed at 4157.98, up 0.16%; the Shenzhen Component Index closed at 14300.08, down 0.30%; the ChiNext Index closed at 3304.51, down 0.57%. The trading volume of the three major stock exchanges reached 325.97 billion yuan, an increase of 267.1 billion yuan from the previous day. The CSI 300 index closed at 4753.87, up 35.88 [1][2] Coke and Coking Coal - Coke: The weighted index was strong on January 29, closing at 1725.5, up 53.5. Supply is stable, and after the fourth round of price cuts, coking plants are in continuous loss. Steel mills' profitability is improving, and coal price increases have led coking plants to propose the first - round price increase, which steel mills are expected to accept by the end of the month. The average daily pig iron output last week was 228.1 tons, up 0.09 tons month - on - month. Downstream steel mills have weak sentiment for winter storage, with only 1 - 2 days of inventory space left [2][4] - Coking coal: The weighted index fluctuated widely on January 29, closing at 1172.8 yuan, up 43.6. The domestic coal mine production is at a high level at the end of January, Mongolian coal customs clearance has slightly decreased, and the import profit of seaborne coal is inverted. The total supply is relatively abundant. The first - stage winter storage of downstream enterprises has basically ended, coal mines have full orders, and the inventory transfer is smooth. The speculation sentiment has declined. The first - round price increase of coke has been postponed until the end of the month [3][4] Zhengzhou Sugar - The US sugar fluctuated slightly and closed slightly lower on Wednesday. Due to the increased pre - holiday stocking demand of enterprises, the spot price was raised today. The rise in crude oil prices boosted short - covering, driving the Zhengzhou Sugar 2605 contract to rise on Thursday. The Indian Food Ministry announced that the domestic sugar sales quota for February 2026 is 2.25 million tons, an increase of 50,000 tons from January [4] Rubber - Rubber trees in northern Thailand have started to shed leaves, indicating the approaching end of the tapping season. Rubber production in Vietnam and Cote d'Ivoire has also begun to decline. The low - production period for rubber trees is usually from February to May. Market concerns about supply reduction in major producing countries have emerged. Affected by the sharp increase in Southeast Asian spot prices and the rise in crude oil prices, the Shanghai rubber futures rose on Thursday and continued to rise at night. In December 2025, EU passenger car sales increased by 5.8% year - on - year to 963,319 units, and the annual sales in 2025 increased slightly by 0.8% to about 10.6 million units, still far below the pre - pandemic level [4][5] Palm Oil - On January 29, palm oil futures continued to rise, with the main contract P2605 closing at 9362, up 0.99% from the previous trading day. Although there is a lack of driving factors in the news, the approaching Indian New Year consumption season and strong export data of Malaysian palm oil, along with the reduction of export tariffs, have strengthened the inventory - reduction logic [5] Soybean Meal - International market: On January 29, the closing price of the CBOT soybean main contract was 1072 cents per bushel, down 0.26%. The weak US dollar has enhanced the export competitiveness of US soybeans, and concerns about the Argentine weather have supported the market. However, the expected high - yield of Brazilian soybeans and the increasing harvesting pressure have limited the rise of US soybeans. Brazilian soybeans are in the early harvesting stage, and the expected output is estimated to reach 181 million tons. As of last Thursday, the harvesting completion rate was 4.9%, higher than 3.9% in the same period last year [5] - Domestic market: On January 29, the main soybean meal contract M2505 closed at 2783 yuan per ton, up 0.72%. Pre - holiday stocking demand has started, and the soybean meal inventory has decreased continuously, with the price remaining in a narrow - range shock. As of last weekend, the domestic soybean meal inventory was 906,800 tons, a weekly decrease of 41,200 tons. After the Spring Festival, the supply of imported soybeans in China will remain loose, and the soybean meal futures price lacks a continuous upward - driving force [5] Live Pigs - On January 29, the main live - pig contract LH2603 closed at 11165 yuan per ton, down 0.93%. Recently, the slaughter rhythm of the breeding end has accelerated, and the daily slaughter pressure of large - scale pig enterprises has increased. The price - support sentiment in the market has weakened, and some production capacity originally scheduled for February may be slaughtered ahead of schedule. On the demand side, pre - holiday stocking has started, but the overall demand increase is general. In the medium - term, the supply pressure remains large [5] Shanghai Copper - The Shanghai Copper 2603 contract soared and broke through the historical high, and the London copper also set a record. Driven by the resonance of macro - factors, supply - demand relationships, and capital, the short - term market sentiment is hot, but downstream buyers are more cautious. The closing price was about 109,110 yuan per ton, with a maximum of 110,970 yuan per ton and a minimum of 102,260 yuan per ton. The trading volume was 453,000 lots, and the open interest was 243,000 lots. The reasons for the rise include supply contraction (mine disturbances in Chile and Indonesia, low TC, smelting production cuts, high invoice points for recycled copper, and restricted transactions), strong demand (driven by energy transformation, AI computing power, and power grid investment, and supported by the recovery of the domestic manufacturing industry and pre - holiday restocking), macro - economic support (increasing expectations of Fed rate cuts and a weak US dollar), and inventory structure issues (low LME deliverable inventory and a sharp increase in COMEX inventory) [5] Cotton - On Thursday night, the main Zhengzhou cotton contract closed at 14,900 yuan per ton. The cotton inventory increased by 34 lots compared with the previous trading day. Textile enterprises purchase as they use [5] Iron Ore - On January 29, the main iron ore 2605 contract rose by 1.78%, closing at 798.5 yuan. The iron ore shipments from Australia and Brazil have rebounded, the domestic arrival volume has continued to decline, and the port inventory has continued to accumulate. Currently, steel mills still have pre - holiday restocking demand, and the pig iron output has slightly increased. In the short term, the iron ore price is in a volatile trend [6] Asphalt - On January 29, the main asphalt 2603 contract rose by 3.39%, closing at 3478 yuan. The refinery production plan for February has decreased slightly, the supply remains at a low level. Affected by the off - season, the shipment volume has decreased month - on - month, and the terminal market procurement is weak. However, the relatively strong crude oil price at the cost end has supported the asphalt price, which shows a volatile trend in the short term [6] Logs - The main log 2603 contract opened at 775 on Tuesday, with a minimum of 773, a maximum of 790.5, and a closing price of 785, with an increase of 119 lots in open interest. On January 29, the spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 740 yuan per cubic meter, unchanged from the previous day, and the price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, an increase of 10 yuan per cubic meter from the previous day. There is no major contradiction in the supply - demand relationship. Future attention should be paid to the spot price, import data, inventory changes, and the impact of macro - economic expectations and market sentiment on prices [6] Steel - On January 29, rb2605 closed at 3157 yuan per ton, and hc2605 closed at 3308 yuan per ton. Due to the intensifying geopolitical tensions, international futures prices of crude oil and metals have risen, driving up domestic commodity futures prices. The first - round price increase of coke will be implemented this Friday, which will continue to support steel prices. However, the restocking of steel mills' raw materials is coming to an end, the pre - holiday steel inventory has continued to accumulate, and the supply - demand pressure has slightly increased, so the steel price is not likely to rise continuously. In the short term, the steel price may continue to fluctuate within a narrow range [6] Alumina - On January 29, ao2605 closed at 2816 yuan per ton. On the raw material side, the shipment volume of new mines in Guinea has increased, putting pressure on the price of imported ores. On the cost side, the decline in caustic soda prices has weakened the cost support for alumina. On the consumption side, electrolytic aluminum plants mainly execute long - term contracts and replenish inventory as needed. In the spot market, holders are eager to sell, and there is a phenomenon of chasing up and restocking in the downstream market. The inquiry atmosphere was strong in the morning, but in the afternoon, although the futures price continued to rise and holders raised the price, the market's rigid - demand restocking was basically saturated, and the trading atmosphere cooled down [6] Shanghai Aluminum - On January 29, al2603 closed at 25,590 yuan per ton. Aluminum plants are operating stably, the production capacity is running well, the aluminum - water ratio has declined slightly, the supply of aluminum ingots is abundant, and the social inventory has accumulated slightly, still remaining at a high level year - on - year. The demand pressure continues to increase, and downstream purchases have further shrunk, but the negative feedback transmission is insufficient. In different fields, there is some pressure in the plate, strip, foil, and industrial material sectors, and the demand for aluminum rods is weak. The processing fee remains weak, and some enterprises have stopped taking orders. The pre - holiday production has continued to decline. The market is paying close attention to geopolitical and metal - related dynamics and is in a wait - and - see mood [6]

Group 1 - The core driving force behind the recent rise in asphalt prices is the geopolitical event of the U.S. raid on Venezuela, which has raised concerns about oil supply [1] - Venezuela's oil, particularly from the Maracaibo Lake region and the Orinoco heavy oil belt, is crucial for U.S. refineries that primarily process medium crude oil, making it an important supplement to shale oil [1] - In 2025, China's total asphalt production was 28.7 million tons, a year-on-year increase of 9.1%, with refineries using or blending with Maracaibo crude producing approximately 15.13 million tons, up 13.7% year-on-year [1] Group 2 - The domestic refinery raw material issues are still under negotiation, and the changes in heavy oil premium will be a key variable moving forward [2] - Currently, during the winter storage season, refineries in Hebei and Shandong have launched winter storage contracts for January to March, with initial prices ranging from 2,920 to 3,000 yuan per ton [4] - The geopolitical disturbances continue to support crude oil prices, which have raised asphalt costs by approximately 400 yuan per ton [5]

| | | | SDIC FUTURES | | 2026年01月29日 | | --- | --- | --- | | | 操作评级 | | | 螺纹 | ★☆☆ | 曹颖 首席分析师 | | 热轧卷板 | ★☆☆ | F3003925 Z0012043 | | 铁矿 | ★☆☆ | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 證硅 | な女女 | 韩惊 高级分析师 | | 硅铁 | 女女女 | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面有所反弹。本周螺纹表需继续下滑，产量短期趋稳，库存继续累积。热卷需求、产量均小幅上升，库存继续下降,压 力逐步缓解。钢厂利润欠佳,下游承接能力不足，高炉复产放缓，铁水产量趋稳。从下游行业看,地产投资降幅继续扩大,基 建、制造业投资增速持续回落,内需整体依然偏弱,钢材出口维持高位 ...

Report Industry Investment Rating - Not provided Core View of the Report - The current resumption of production on the supply side of rebar continues, and the demand side is supported by pre - holiday winter stockpiling and shows resilience. The total inventory and social inventory are at a low level year - on - year, and the overall inventory pressure is controllable. The low inventory and resilient demand support the price. The output increased slightly this week, and the raw material end has strengthened again to support the price. Currently, the macro - expectation of the policy end is loose and positive, providing certain support. The moving average shows that it has re - stood on the 5 - day and 30 - day moving averages, showing a strong trend. Maintain a bullish view [4] Summary by Relevant Catalogs Market行情回顾 - Futures price: The rebar main contract increased its positions by 40,973 lots on Thursday, with trading volume increasing compared to the previous trading day, reaching 1,026,450 lots. From the perspective of the moving average, it broke through the short - term 5 - day moving average and the medium - term 30 - day moving average. The lowest price was 3,120 yuan/ton, the highest was 3,159 yuan/ton, and it closed at 3,157 yuan/ton, up 35 yuan/ton, a rise of 1.12% [1] - Spot price: The mainstream area's spot price of HRB400E 20mm rebar was 3,250 yuan/ton, up 10 yuan compared to the previous trading day [1] - Basis: The futures price was at a discount of 93 yuan/ton to the spot price. The basis was still large, providing certain support. Winter stockpiling in the futures market had a certain cost - performance [1] Fundamental Data Supply - demand situation - Supply side: As of the week of January 29, the rebar output increased by 0.28 tons week - on - week to 1.9983 million tons, and increased by 221,600 tons year - on - year. The output rebounded slightly this week and increased significantly compared to the same period last year, reflecting that the steel mills' production resumption momentum accelerated, suppressing the price in the short term. It is necessary to continue to pay attention to whether the capacity recovery can be sustained [2] - Demand side: The apparent demand decreased week - on - week (in line with the seasonal law of construction site shutdown before the Spring Festival) but increased significantly year - on - year, indicating that the demand recovered year - on - year. As of the week of January 29, the apparent demand data was 1.764 million tons, a week - on - week decrease of 91,200 tons and a year - on - year increase of 978,500 tons. The overall demand increased significantly compared to last year, showing resilience. There was still support from winter stockpiling demand before the festival [2] - Inventory side: The total inventory increased week - on - week but decreased significantly year - on - year, and the overall inventory was at a low level. As of the week of January 29, the total inventory was 4.7553 million tons, a week - on - week increase of 234,300 tons and a year - on - year decrease of 1.776 million tons. The social inventory was 3.264 million tons, a week - on - week increase of 232,800 tons and a year - on - year decrease of 1.2388 million tons. The factory inventory was 1.4913 million tons, a week - on - week increase of 150 tons and a year - on - year decrease of 537,200 tons. The inventory pressure of manufacturers was significantly relieved year - on - year, and the social inventory pressure decreased year - on - year, providing support for the price [2][3] Macroeconomic situation - The central bank released a moderately loose signal, and the Ministry of Finance emphasized that the expenditure intensity would only increase. However, due to the drag of real estate demand, the incremental demand was relatively limited macro - economically. The loose cycle provided certain support, and the upper limit of demand determined the pressure [3] Driving Factor Analysis - Bullish factors: The inventory is at a low level in the past three years, the supply side has reduced production due to anti - involution, the production capacity is strictly controlled, the policy supports the demand, the demand will recover marginally after the Spring Festival, and the macro - expectation is loose [4] - Bearish factors: The inventory accumulation after the Spring Festival exceeds expectations, the inventory removal speed slows down, the blast furnace production resumption accelerates, the winter stockpiling demand is cautious, the real estate demand continues to decline, the export is restricted, and the economic recovery is weak [4]

黑色建材日报 | 2026-01-29 冬储意愿低迷，盘面震荡整理 玻璃纯碱：刚需采购为主，玻碱震荡运行 市场分析 玻璃：昨日玻璃主力合约全天呈现窄幅震荡走势。现货厂家报价基本维持前一日水平，下游市场以刚需采购为主。 供需与逻辑：供应端玻璃产线冷修预期持续升温，近期行业库存去化较好，库存边际压力有所缓解，但整体库存 仍处于高位，后续需持续跟踪春节前备货节奏；需求端呈现分化态势，光伏玻璃板块受 "抢出口" 预期支撑，刚需 表现相对稳健，而浮法玻璃受消费淡季影响，终端需求持续低迷。 纯碱：昨日纯碱主力合约延续震荡运行格局。现货市场报价随期货盘面高位波动，部分厂家小幅上调报价，下游 企业多持观望态度，采购意愿偏弱。 供需与逻辑：纯碱市场仍处于强供给、弱需求的弱现实格局。供应端，行业高产量、高库存的状态仍将持续，短 期对价格反弹高度形成明显压制，后续需要关注新产能投产进度；需求端持续疲软，未有明显变化，需跟踪小长 假前下游补库节奏的落地情况。近期纯碱市场情绪受化工板块整体回暖带动有所修复，其持续性仍有待进一步观 察。 策略 玻璃方面：震荡 纯碱方面：震荡偏弱 跨期：无 跨品种：无 风险 宏观及房地产政策、纯碱新投产进 ...

晨报 铝锭 成文时间： 以伊冲突 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 证监许可【2011】1452 号 逻辑:昨日沪铝向上冲高，主要是美伊地缘冲突升级对铝产品贸易端形 成显著扰动，并且在贵金属市场限仓背景下，资金出现向基本金属板块分 流的趋势，而国内氧化铝厂近期减产预期升高，进一步推高整体市场看多 情绪。宏观上美联储结束为期两天的货币政策会议，宣布将联邦基金利率 目标区间维持在 3.5%至 3.75%之间，符合市场普遍预期。 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（签约）面积总计 223.4 万平方米，环比下降 40.3%，同比增长 43.2%。 成材昨日继续震荡下行，价格再创近期新低。在供需双弱的格局下， 市场情绪同 ...

铁矿石： （柳浠，从业资格号：F03087689；交易咨询资格号：Z0019538） 昨日铁矿石期货主力合约i2605价格有所下跌，收于783元/吨，较前一个交易日收盘价下跌5元/吨，跌幅 为0.6%，成交22万手，减仓0.6万手。港口现货主流品种市场价格，现青岛港PB粉60.8%786跌6，超特 粉673跌2。供应端，澳洲发运量有所增加，巴西发运量稳中有降，全球发运量小幅回升。需求端，铁水 产量环比增加0.09万吨至228.1万吨。47港港口库存、钢厂库存继续累库。多空交织下，矿价或将呈现震 荡走势。 焦煤： （邱跃成，从业资格号：F3060829；交易咨询资格号：Z0016941） 焦煤：昨日焦煤盘面上涨，截止日盘焦煤2605合约收盘1134.5元/吨，价格上涨18元/吨，涨幅1.61%，持 仓量减少14256手。现货方面，山西临汾地区主焦煤（A9.5、S0.5、G80）下调63元至出厂价1530元/ 吨，甘其毛都口岸蒙5#原煤1013元/吨，价格涨10；蒙3#精煤1070元/吨，较上期价格不变。供应端，部 分煤矿因事故以及搬家倒面停产，其余生产基本正常，年前下游仍有一定的补库预期，上游价格相对坚 挺，个 ...