业务咨询 瑞达期货研究院 「2025.11.21」 铁矿石市场周报 到港+港口库存减少 铁矿期价震荡偏强 研究员：蔡跃辉 添加客服 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 关 注 我 们 获 取 更 多 资 讯 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 447.4万吨。澳洲巴西铁矿发运总量2908.7万吨，环比增加360.1万吨。 3 来源：瑞达期货研究院 1. 价格：截至11月21日收盘，铁矿主力合约期价为785.5（+13）元/吨，青岛港麦克粉844（+6）元/干吨。 2. 发运：全球铁矿石发运总量环比+447.4万吨。2025年11月10日-11月16日Mysteel全球铁矿石发运总量3516.4万吨，环比增加 3. 到港：本期47港到港量-399.4万吨。2025年11月10日-11月16日中国47港到港总量2369.9万吨，环比减少399.4万吨；中国45港 到港总量2268.9万吨，环比减少472.3万吨；北方六港到港总量1041.3万吨，环比减少484.5万吨 ...

研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 取 更 多 资 讯 瑞达期货研究院 「2025.11.21」 螺纹钢市场周报 市场情绪低迷 螺纹期价冲高回落 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格及价差：截至11月21日收盘，螺纹主力合约期价3057（+4），杭州螺纹中天现货价格3250（+10）。（单 位：元/吨/周） 2. 产量：螺纹产量上调。207.96（+7.96），同比（-25.86）。（单位：万吨） 3. 需求：表观需求回升。本期表需230.79（+14.42），（同比-3.41）。（单位：万吨） 4. 库存：厂库和社库继续下滑。螺纹钢总库存553.34（-22.83），（同比+108.23）。（单位：万吨） 5. 盈利率：钢厂盈利率37.66%，环比上周减少1.30个百分点，同比去年减少16.89个百分点。 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1. 宏观方面：海外，（1）美联储公布10月28日至29日的 ...

人民财讯11月19日电，据生态环境部消息，11月19日，中央第一生态环境保护督察组督察北京市动员会 在北京召开。至此，第三轮第五批10个中央生态环境保护督察组全部实现督察进驻。 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 热轧卷板产业链日报 2025/11/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,286 | -16↓ HC 主力合约持仓量(手) | 1217174 | -46346↓ | | | HC 合约前20名净持仓(手) | -68,884 | -9508↓ HC1-5合约价差(元/吨) | -9 | -2↓ | | | HC 上期所仓单日报( ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The HC2601 contract increased in price with reduced positions on Monday. Some steel mills have announced blast furnace maintenance plans recently, and there are expectations of macro - level positive news to boost market confidence. The weekly output of hot - rolled coils continued to decline slightly, with the capacity utilization rate dropping to 80.13%. Downstream demand decreased slightly, and inventory increased slightly. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are rising. The market may fluctuate and strengthen, and risk control should be noted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,302 yuan/ton, up 46 yuan; the position volume was 1,263,520 lots, down 23,505 lots. - The net position of the top 20 in the HC contract was - 52,146 lots, up 7,583 lots; the HC1 - 5 contract spread was - 7 yuan/ton, up 5 yuan. - The HC warehouse receipt at the Shanghai Futures Exchange was 150,567 tons, up 6,484 tons; the HC2601 - RB2601 contract spread was 205 yuan/ton, up 2 yuan [2]. 3.2现货市场 - The price of 4.75 hot - rolled coils in Hangzhou was 3,340 yuan/ton, up 30 yuan; in Guangzhou, it was 3,300 yuan/ton, up 30 yuan; in Wuhan, it was 3,340 yuan/ton, up 10 yuan; in Tianjin, it was 3,210 yuan/ton, up 10 yuan. - The basis of the HC main contract was 38 yuan/ton, down 16 yuan; the price difference between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 790 yuan/wet ton, up 6 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,640 yuan/ton, unchanged. - The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,170 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,970 yuan/ton, up 30 yuan. - The inventory of iron ore at 45 ports was 151.2592 million tons, up 2.3111 million tons; the inventory of coke at sample coking plants was 360,300 tons, down 1,200 tons. - The inventory of coke at sample steel mills was 6.2215 million tons, down 44,100 tons; the inventory of Hebei billets was 1.1666 million tons, down 33,400 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 82.79%, down 0.36 percentage points; the blast furnace capacity utilization rate was 88.82%, up 1.03 percentage points. - The weekly output of hot - rolled coils at sample steel mills was 3.1366 million tons, down 45,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 80.13%, down 1.15 percentage points. - The inventory of hot - rolled coils at sample steel mills was 775,200 tons, up 900 tons; the social inventory of hot - rolled coils in 33 cities was 3.33 million tons, down 200 tons. - The monthly output of domestic crude steel was 72 million tons, down 1.49 million tons; the monthly net export volume of steel was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.3587 million vehicles, up 82,900 vehicles; the monthly sales of automobiles were 3.3221 million vehicles, up 95,700 vehicles. - The monthly output of air conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units. - The monthly output of household washing machines was 11.7849 million units, up 1.653 million units [2]. 3.6 Industry News - The People's Bank of China announced that it will conduct 800 billion yuan of outright reverse repurchase operations on the 17th, with a term of 6 months (182 days). Considering the operation volume and maturity volume in November, this operation means that the central bank's outright reverse repurchase will be increased, with a cumulative net investment of 500 billion yuan. - From November to December, the automobile consumption promotion activity in Jiangsu will be intensified, and the subsidy standard will be significantly increased. For new cars with an invoice price of 400,000 yuan or more (including tax), the subsidy standard will be increased from 8,000 yuan to 10,000 yuan [2].

Core Insights - The article highlights the significant progress made in ecological environment protection in Guangdong, transforming polluted water bodies into healthy ecosystems, driven by the central government's inspection and rectification efforts [1] Group 1: Achievements in Ecological Protection - The Central Ecological Environment Protection Inspection has effectively addressed major ecological issues over the past decade, with a focus on problem-solving and strict enforcement [1] - As of June this year, 3,294 rectification tasks from the first round of inspections have been largely completed, and over 85% of the 2,164 tasks from the second round have been accomplished [1] - More than 90% of the 1,262 issues identified in the Yangtze and Yellow River warning films have been rectified, demonstrating the effectiveness of the inspection system [1] Group 2: New Regulations and Approaches - The newly issued "Regulations on Ecological Environment Protection Inspection Work" by the central government enhances the authority and clarity of inspection processes, emphasizing accountability and systematic rectification [2] - The inspection process has been streamlined to reduce the burden on local authorities, including minimizing document requests and on-site visits, thereby increasing efficiency [2] - The inspection team is being strengthened through the establishment of guidelines to prevent corruption and ensure disciplined conduct during inspections [2] Group 3: Future Directions - The Central Ecological Environment Protection Inspection will continue to implement the new regulations, balancing high-quality development with environmental protection [3] - There will be a focus on integrated inspections across river basins and provinces, ensuring a comprehensive approach to identifying and resolving ecological issues [3] - The initiative aims to contribute to the construction of a beautiful China, promoting harmony between humans and nature [3]

Core Points - The Central Ecological Environmental Protection Supervision System has completed two rounds of full coverage in its 10 years of establishment, with the third round already underway [1][3] - Since the beginning of the 14th Five-Year Plan, eight batches of central ecological environmental protection supervision have been organized, handling over 144,000 public complaints and exposing 177 typical cases [3] - The completion rate for the second round of supervision tasks exceeds 85%, with 3,294 rectification tasks from the first round and its follow-up basically completed as of June this year [3] Group 1 - The introduction of the Ecological Environment Protection Supervision Work Regulations in April this year has provided a legal basis for the supervision work, ensuring clearer positioning and stronger rectification efforts [3] - The supervision has addressed significant typical cases and resolved prominent ecological environment issues strongly reflected by the public [3] - The next steps involve strict implementation of the regulations to contribute to the construction of a beautiful China and promote harmonious coexistence between humans and nature [3]

Group 1 - The central ecological environment protection inspection system has completed two rounds of full coverage and is currently conducting the third round, with five batches to be completed by the end of this year [1] - Since the beginning of the 14th Five-Year Plan, eight batches of inspections have been organized, receiving over 144,000 public complaints and exposing 177 typical cases [1] - As of June this year, 3,294 rectification tasks from the first round of inspections have been basically completed, and the completion rate for 2,164 tasks from the second round exceeds 85% [1] Group 2 - The newly issued "Regulations on Ecological Environment Protection Inspection Work" in April provides a comprehensive framework for the inspection work, emphasizing accountability and enhancing the effectiveness of rectifications [2] - The central ecological environment protection inspection will strictly implement the regulations to contribute to the construction of a beautiful China and promote harmonious coexistence between humans and nature [2]

Core Viewpoint - The Ministry of Ecology and Environment has established a comprehensive ecological environment zoning and control system, enhancing ecological governance effectiveness during the 14th Five-Year Plan period [1] Summary by Relevant Sections Ecological Governance - The central government has organized eight batches of ecological environment protection inspections since the beginning of the 14th Five-Year Plan, handling over 144,000 public complaints and exposing 177 typical cases [1] - A total of 209 responsibility investigation clues have been transferred [1] Regulatory Framework - The "Regulations on the Responsibility System for Ecological Environment Protection of Local Party and Government Leaders" has been issued to reinforce political responsibility for building a beautiful China [1] - A draft of the ecological environment code has been submitted for review by the National People's Congress Standing Committee [1] Monitoring and Management - More than 3.86 million fixed pollution sources have been included in a unified management system for pollutant discharge permits [1] - A major national scientific and technological project for comprehensive environmental governance in the Beijing-Tianjin-Hebei region has been implemented [1] - The country has established the world's largest and most comprehensive national ecological environment quality monitoring network [1] - Effective operation of the national ecological security and nuclear safety work coordination mechanism has been achieved [1]

Core Viewpoint - The press conference highlighted the significant progress made in ecological environment protection over the past decade, emphasizing the effectiveness of the Central Ecological and Environmental Protection Inspection. Group 1: Inspection Achievements - The Central Ecological and Environmental Protection Inspection has been implemented for 10 years, completing two rounds of "full coverage" inspections and initiating the third round with four batches already conducted this year [1] - As of June this year, 3,294 rectification tasks from the first round of inspections and "return visits" have been basically completed, while the completion rate for the second round's 2,164 rectification tasks exceeds 85% [1] - Over 90% of the 1,262 issues disclosed in the Yangtze and Yellow River warning films have also been rectified [1] Group 2: Public Engagement and Outcomes - A total of 350,000 public complaints have been received and processed, with the majority either resolved or in the process of resolution, leading to significant recognition from the central government and public support [1] - The inspections have been characterized by a problem-oriented approach and a strict tone, resulting in the serious handling of several major typical cases and addressing prominent ecological and environmental issues raised by the public [1]