对此，记者求证了多位产业和行业人士。有煤矿人士告诉记者，上述消息属实，但对市场的实际影响不 大。 昨日，焦煤、焦炭期货多个合约涨停。此外，A股煤炭板块大涨，大有能源涨停，陕西黑猫回封涨停， 郑州煤电逼近涨停，潞安环能、山西焦煤、晋控煤业均涨超6%。 昨日夜盘时段，焦煤期货主力合约一度大涨8%，创去年11月以来新高；焦炭期货主力合约涨逾5%。截 至夜盘收盘，焦煤期货主力合约上涨6.95%，焦炭期货主力合约上涨3.52%。 有知情人士告诉记者："7号上午有市场消息称，陕西省榆林市政府在相关会议上通报称，根据国家发展 改革委等六部委联合印发的文件，因2024—2025年电煤保供落实不到位，核增产能的52处煤矿中，有26 处煤矿被调出保供名单并核减产能1900万吨；剩余26处煤矿核增产能暂予保留，后续将根据2026年度电 煤中长期合同签订和履约情况进一步调整保供名单并核减产能。" 根据公开信息，榆林市2024年原煤产量为6.24亿吨，预计2025年原煤产量为6.4亿吨。1900万吨产能仅占 2025年榆林原煤产量的3%，占2024年全国原煤产量的0.4%。 "即使消息为真，单从减产规模上看，实际影响也较为有限。但该消 ...

早盘提示 更多精彩内容请关注格林大华期货官方微信 | | | Morning session notice 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 6 日星期二 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | | 钢材: | | --- | --- | | | 【行情复盘】 | | | 节后第一个交易日螺纹热卷高开低走。夜盘收跌。 【重要资讯】 | | | 1、1 月 5 日，国新办举行新 ...

Morning session notice 重要事项: 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 黑色建材 | 钢材 | 震 荡 偏 多 | 钢材: 【行情复盘】 周四螺纹热卷收涨。夜盘收跌。 【重要资讯】 1、邯郸市、保定市自 12 月 26 日 12 时起，启动重污染天气Ⅱ级应急响应；邢台市 自 12 月 25 日 18 时启动Ⅰ级应急响应；西安市 12 月 26 日 16 时执行重污染天气Ⅱ 级应急响应；安徽省发布重污染天气省级橙色预警。 2、本周，五大钢材品种供应 796.82 万吨，周环比降幅 0.1%，五大钢材总库存 1257.99 万吨，周环比降 2.8%，五大品种周消费量为 833.61 万吨，其中建材消费环比降 3.2%， 板材消费环比增 1.4%。 【市场逻辑】 目前多数钢厂并未出台冬储政策，仅少数东北、华北钢厂推出政策。期钢厂效益略 有改善，但盈利率依然较低，产量继续低位运行。本周钢材产量下降，继续去库， | | --- | --- | --- | --- | | | | | 消费端分化，建材消费下降，板材消 ...

原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 12 月 10 日 晨报 成材 成材：弱需求叠加原料拖累 钢价向下调整 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 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 逻辑： ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Steel Industry - The steel market shows a situation where the previous week's data indicated a decline in apparent demand, a slowdown in destocking, and continued production cuts by steel mills. The decline in hot metal production restrains iron ore. Considering the high steel inventory and the winter storage pressure, the hot metal production of steel mills for the January contract is likely to fall rather than rise. The iron element supply on the January contract is turning to be loose, and the iron element chain has the basis for negative feedback, with interference from the steel mills' winter iron ore replenishment. The carbon element supply is tight, and it is expected that the iron element will be generally weaker than the carbon element. Unilaterally, pay attention to the performance of the support levels of 3000 for rebar and 3200 for hot - rolled coils. The strategy of long coking coal and short hot - rolled coils arbitrage can continue to be held [2]. Iron Ore Industry - The iron ore futures rebounded in the afternoon yesterday. On the supply side, the global iron ore shipments decreased last week, and the arrivals at 45 ports dropped significantly. Based on recent shipment data, the average future arrivals are expected to increase. On the demand side, the profit margins of steel mills have declined significantly, the hot metal production has dropped from a high level, and the steel mills' replenishment demand has weakened. The steel production and inventory decreased slightly, and the apparent demand dropped significantly. The port inventory increased, the port clearance volume increased slightly, and the steel mills' equity iron ore inventory rose. Looking ahead, due to the weak steel prices, the profitability of steel mills will continue to decline, and the weak demand will force iron ore to operate weakly. Rio Tinto's third - quarter report shows that the overall commissioning progress of the Simandou project is faster than expected. It is recommended to short iron ore futures on rallies and conduct an arbitrage of long coking coal and short iron ore [5]. Coking Coal and Coke Industry - For coking coal, the futures showed a volatile decline. The Shanxi spot auction prices were strong, and the Mongolian coal quotes fluctuated with the futures. The domestic coking coal market continued to be strong, and downstream still had replenishment demand, but the rapid rise in coking coal made traders cautious. Some shut - down coal mines in Shanxi, Luliang, Linfen, and Wuhai began to resume production, and it is expected that the coking coal supply will increase, but the production recovery is limited. Since November, the Mongolian coal customs clearance has increased significantly, the port inventory has rebounded from a low level, and the Mongolian coal quotes have loosened. The demand for coking coal has weakened due to the decline in hot metal production caused by profit decline and environmental restrictions. The coal mines and steel mills reduced inventory, while the coking plants, coal washing plants, ports, and terminals increased inventory. The strategy is to be cautiously bullish on the future market, and it is recommended to go long on coking coal 2601 on dips in the range of 1250 - 1350 and conduct an arbitrage of long coking coal and short coke, while guarding against the negative feedback risk caused by falling steel prices. - For coke, the futures also showed a volatile decline. The spot market had a different rhythm from the futures. The port trade quotes were stable, and the mainstream coking enterprises' third - round price increase was implemented, and the fourth - round increase was initiated. The coking coal price is strong, providing cost support for coke, but coking enterprises still face losses after the price increase, and their production has decreased. The demand for coke has been affected by environmental restrictions in Tangshan and Shanxi, resulting in a significant decline in hot metal production, weak steel prices, and low steel mill profits. The coking plants, ports, and steel mills all reduced inventory slightly, and the overall inventory decreased slightly from the middle level. Coke is still expected to increase in price due to cost support. It is recommended to go long on coke 2601 on dips in the range of 1700 - 1850 and conduct an arbitrage of long coking coal and short coke, while guarding against the negative feedback risk caused by falling steel prices [8]. 3. Summaries According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar: The spot prices in East China, North China, and South China remained unchanged at 3190 yuan/ton, 3200 yuan/ton, and 3260 yuan/ton respectively. The 05, 10, and 01 contracts increased by 7 yuan/ton, 4 yuan/ton, and 10 yuan/ton respectively [2]. - Hot - rolled coils: The spot price in East China increased by 10 yuan/ton to 3270 yuan/ton, while those in North China and South China remained unchanged. The 05, 10, and 01 contracts increased by 9 yuan/ton, 7 yuan/ton, and 7 yuan/ton respectively [2]. Cost and Profit - The billet price remained at 2940 yuan/ton, and the slab price remained at 3730 yuan/ton. The profits of various regions and production methods all decreased [2]. Production - The daily average hot metal production was 234.2 tons, a decrease of 2.1 tons (- 0.9%). The production of five major steel products was 856.7 tons, a decrease of 18.5 tons (- 2.1%). The rebar production was 208.5 tons, a decrease of 4.1 tons (- 1.9%), including a decrease in electric - furnace production by 0.3 tons (- 0.9%) and a decrease in converter production by 3.8 tons (- 2.1%). The hot - rolled coil production was 318.2 tons, a decrease of 5.4 tons (- 1.7%) [2]. Inventory - The inventory of five major steel products was 1503.6 tons, a decrease of 10.2 tons (- 0.7%). The rebar inventory was 592.5 tons, a decrease of 10.0 tons (- 1.7%), and the hot - rolled coil inventory was 410.5 tons, an increase of 3.9 tons (0.9%) [2]. Transaction and Demand - The building materials trading volume was 10.8 tons, an increase of 2.1 tons (23.8%). The apparent demand for five major steel products was 866.9 tons, a decrease of 49.5 tons (- 5.4%). The apparent demand for rebar was 218.5 tons, a decrease of 13.7 tons (- 5.9%), and the apparent demand for hot - rolled coils was 314.3 tons, a decrease of 17.6 tons (- 5.3%) [2]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of various iron ore types decreased, and the basis of the 01 contract for some types changed. The 5 - 9, 9 - 1, and 1 - 5 spreads also changed [5]. Spot Prices and Price Indexes - The spot prices of some iron ore types at Rizhao Port increased slightly, while the Singapore Exchange 62% Fe swap and the Platts 62% Fe index decreased [5]. Supply - The 45 - port arrivals (weekly) were 2741.2 tons, a decrease of 477.2 tons (- 14.8%). The global shipments (weekly) were 3069.0 tons, a decrease of 144.8 tons (- 4.5%). The national monthly import volume increased by 10.6% [5]. Demand - The daily average hot metal production of 247 steel mills (weekly) was 234.2 tons, a decrease of 2.1 tons (- 0.9%). The 45 - port daily average port clearance volume increased slightly. The national monthly pig iron and crude steel production decreased [5]. Inventory - The 45 - port inventory increased by 1.3%, and the 247 steel mills' imported iron ore inventory increased by 1.8% [5]. Coking Coal and Coke Industry Coking Coal - Related Prices and Spreads - The coking coal 01 and 05 contracts decreased, and the basis and spreads also changed. The sample coal mine profit decreased [8]. Overseas Coal Prices and Upstream Coking Coal Prices - The Australian Peak Downs coking coal arrival price remained unchanged, and the coking coal (Shanxi warehouse - receipt) price increased slightly [8]. Supply - The coking coal production of Fenwei sample coal mines and the coking coal production of the whole sample coking plants decreased. The coke production of 247 steel mills and the whole sample coking plants also decreased [8]. Demand - The hot metal production and coke production decreased [8]. Inventory - The coking coal inventory of various entities changed, with some increasing and some decreasing. The total coke inventory and the inventory of various entities also changed [8].