晨报 铁矿石 铁矿石： 短期关注补库需求 价格高位震荡为主 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：F3038114 投资咨询号：Z0014834 电话：010-62688541 需求方面：国内需求企稳小幅回升，钢厂盈利率在碳元素价格下跌后有所回升，本期高炉 检修和复产互现，河北、山西部分检修高炉月底复产，整体看，国内钢厂需求短期存在回升趋 势，且节前补库周期即将开始，预计补库需求将持续释放。 库存方面：钢厂端进口库存环比回升，但钢厂库存仍处于近年同期最低水平，高后期关注 钢厂后期美元货补库何时全面启动；港口库存持续累积，主要原因到港量持续保持相对高位， 预期是 12 月份港口库存仍趋于累积。 观点：宏观叙事偏向于积极，产业链基本面有所改善，铁矿石补库需求以及供给进入淡季， 但价格高度受产业链利润限制，预计短期以震荡为主。 价格：价格区间运行。连铁主力合约 770~800 元/吨区间，对应外盘（FE01）价格约 102.5~105.5 美金/吨。 成文时间 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint - The iron ore market is relatively weak, and short - term attention should be paid to domestic macro - policy increments. The price of iron ore will fluctuate within a range, and the strategy is to conduct range operations and use covered call options [2][5]. 3) Summary by Relevant Contents Market Situation - The black - series carbon elements were relatively strong yesterday, the price of finished products stabilized, while the iron ore price was relatively weak, and the sentiment of the black - series market remained weak [3]. Supply - The overseas ore shipment decreased slightly month - on - month. The shipment of Rio Tinto in Australia decreased significantly, while that in Brazil was relatively stable. The arrival volume reached a new high this year, and the support from the supply side continued to weaken [3]. Demand - Domestic demand decreased month - on - month but remained at a high level, still supporting the iron ore price. The blast furnace overhauls mainly occurred in Hebei, Shanxi, Jiangsu, and Shandong. The daily average pig iron output in this period was 2.4095 million tons (month - on - month - 0.59), basically the same as the average level in August. High demand still supported the iron ore price to some extent [4]. Inventory - The inventory level at the steel mill decreased slightly month - on - month, and the daily consumption of imported ore at steel mills decreased due to production cuts. Steel mills were about to enter the seasonal inventory accumulation stage. The port inventory continued to accumulate month - on - month due to the continuous increase in arrival volume [4].

能源化工 通惠期货•研发产品系列 苯乙烯日报 2025 年 5 月 15 日 星期四 苯乙烯日报：原油价格下跌，关注成本端压力 一、 日度市场总结 通惠期货研发部 成本：5 月 14 日布油主力合约收盘 63.7 美元/桶（+1.7 美元/桶），WTI 原油主力合约收盘 66.6 美元/桶（+1.6 美元/桶），华东纯苯现货报价 6205 元/吨（+100 元/吨）。 库存：苯乙烯样本工厂库存 23.2 万吨（+2.2 万吨），环比提升 10.3%， 江苏港口库存 6.85 万吨（-1.67 万吨），环比下降 19.6%，苯乙烯港口库存持 续去化，现货流动性收紧。 供应：苯乙烯检修装置逐渐回归，供应有增量预期。受部分装置重启影 响，苯乙烯周产量环比提升 2.43%至 33.07 万吨（+0.78 万吨），工厂产能利 用率 72.2%（+1.7%）。 需求：下游 3S 开工率变化不一，其中 EPS 产能利用率 47.4%（- 1.35%），ABS 产能利用率 69.0%（+1.9%），PS 产能利用率 57.4%（-1.3%）。整 体而言下游需求走弱。 李英杰 从业编号：F03115367 投资咨询：Z0019 ...