Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No clear core view presented in the provided text. 3. Summary by Categories Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 791, down 1 from the previous day and up 16 for the week, with a discounted futures price of 846.6 and an import profit of 5.39; PB powder price is 794, down 1 from the previous day and up 16 for the week, with a discounted futures price of 845.6 and an import profit of -21.56; Mac powder price is 787, up 2 from the previous day and up 16 for the week, with a discounted futures price of 859.6 and an import profit of 26.92; Jinbuba powder price is 747, down 1 from the previous day and up 16 for the week, with a discounted futures price of 839.8 and an import profit of 23.69; Mixed powder price is 735, down 3 from the previous day and up 15 for the week, with a discounted futures price of 873.6 and an import profit of -3.48; Super special powder price is 677, unchanged from the previous day and up 12 for the week, with a discounted futures price of 897.5 and an import profit of -16.20; Carajás powder price is 874, unchanged from the previous day and up 19 for the week, with a discounted futures price of 807.2 and an import profit of -41.32 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder price is 829, down 1 from the previous day and up 14 for the week, with a discounted futures price of 836.3 and an import profit of -10.34; Brazilian coarse IOC6 price is 764, down 1 from the previous day and up 16 for the week; Brazilian coarse SSFG price is 769, down 1 from the previous day and up 16 for the week [1]. - **Other Iron Ores**: Ukrainian concentrate price is 877, up 2 from the previous day and up 22 for the week; 61% Indian powder price is 736, down 1 from the previous day and up 16 for the week; Karara concentrate price is 877, up 2 from the previous day and up 22 for the week; Roy Hill powder price is 781, down 1 from the previous day and up 16 for the week, with a discounted futures price of 859.6 and an import profit of 20.89; KUMBA powder price is 853, down 1 from the previous day and up 16 for the week; 57% Indian powder price is 612, unchanged from the previous day and up 12 for the week; Atlas powder price is 730, down 3 from the previous day and up 15 for the week; Tangshan iron concentrate price is 976, unchanged from the previous day and up 7 for the week, with a discounted futures price of 863.0 [1]. Futures Market - **DCE Contracts**: i2601 contract price is 797.5, down 0.5 from the previous day and up 20.5 for the week, with a monthly spread of -37.0; i2605 contract price is 781.5, up 1.5 from the previous day and up 28.5 for the week, with a monthly spread of 16.0; i2609 contract price is 760.5, up 2.5 from the previous day and up 29.0 for the week, with a monthly spread of 21.0 [1]. - **SGX Contracts**: FE01 contract price is 104.70, down 0.18 from the previous day and up 2.72 for the week, with a monthly spread of -4.01; FE05 contract price is 102.75, down 0.11 from the previous day and up 3.03 for the week, with a monthly spread of 1.95; FE09 contract price is 100.69, down 0.10 from the previous day and up 3.13 for the week, with a monthly spread of 2.06 [1].

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The steel market is currently in a state of weak supply and demand during the off - season, and the winter storage has not arrived yet. The implementation of the steel export license system and changes in the production license system have been fully reflected in prices. For both steel products and iron ore, it is recommended to hold long positions for medium - term trading [2][4] 3. Summary by Relevant Catalogs 3.1 Threaded Rods and Hot - Rolled Coils - **Supply and demand**: Last week, threaded rod production increased, hot - rolled coil production decreased, and the production of the five major steel varieties decreased. Overall inventory continued to decline. Threaded rod apparent demand rebounded slightly, while the overall apparent demand of the five major varieties declined. Due to the significant drop in steel mill gross profit and the end of the consumption peak, steel mill production is expected to continue to decline slowly. Recently, the sharp rebound in coal and coke prices has increased the cost support for the market [2] - **Technical analysis**: On the daily K - line chart, the 05 contract of steel products briefly fell below the oscillation range and then quickly rebounded. Currently, it has not broken out of the recent oscillation range or formed a downward breakthrough [2] - **Operation suggestion**: Hold long positions and conduct medium - term trading [2] - **Data summary**: - **Price**: The closing prices of the threaded rod and hot - rolled coil main contracts, as well as their spot prices, all showed varying degrees of increase compared to the previous week. For example, the threaded rod main contract closing price was 3126 yuan/ton, up 1.69% from the previous week [2] - **Basis and spread**: There were changes in the basis and spreads of various steel products. For example, the threaded rod main basis decreased by 22 yuan/ton compared to the previous week [2] - **Production**: The production of threaded rods by national building material steel mills increased by 1.62% to 181.68 million tons, while hot - rolled coil production decreased by 5.44% to 291.91 million tons [2] - **Inventory**: The social inventory and steel mill inventory of the five major varieties decreased, with the social inventory of the five major varieties dropping by 3.74% to 906.47 million tons [2] - **Apparent demand**: The overall apparent demand of the five major varieties decreased by 0.53% to 835.28 million tons [2] 3.2 Iron Ore - **Demand**: Last week, the production and apparent demand of the five major steel varieties decreased. With the arrival of the off - season, iron - water production is likely to continue to decline seasonally. The reduction of steel mill production suppresses raw material prices. Due to the late Spring Festival this year, the pre - festival restocking demand will also arrive later than usual [4] - **Supply**: Global iron ore shipments remain at a high level, and the continuous increase in port inventory suppresses futures prices. The building steel bar production license system and the inclusion of steel products in export license management have been fully digested by the market [4] - **Technical analysis**: The 05 contract has not broken out of the wide - range oscillation at a relatively high level [4] - **Operation suggestion**: Hold long positions and conduct medium - term trading [4] - **Data summary**: - **Price**: The settlement price of the DCE iron ore main contract was 781.5 yuan/dry ton, up 3.78% from the previous week. The prices of various iron ore powders at ports also changed to different extents [4][5] - **Basis and spread**: There were fluctuations in the basis and spreads of iron ore futures, such as the DCE iron ore futures 9 - 1 spread increasing by 6.0 yuan/dry ton compared to the previous week [5] - **Shipment**: Australian iron ore shipments decreased by 3.41% to 1703.9 million tons, and Brazilian iron ore shipments decreased by 8.77% to 747.6 million tons [5] - **Inventory**: Port inventory increased by 0.53% to 15512.63 million tons, while the inventory of imported sintered powder ore in 64 sample steel mills decreased by 1.52% to 1180.48 million tons [5] 3.3 Industry News - Six special working groups led by multiple departments have carried out inspections in 12 key regions across the country to combat illegal mining of mineral resources. As of now, inspections have been completed in Guangxi, Hubei, and other places [7] - As of the week of December 21st, the global iron ore shipment volume decreased by 128.0 million tons to 3464.5 million tons. The shipment volume from Australia and Brazil decreased by 150.8 million tons to 2814.7 million tons [7] - From December 15th to 21st, 2025, the arrival volume at 47 Chinese ports decreased by 137.9 million tons to 2790.2 million tons, and the arrival volume at 45 Chinese ports decreased by 76.7 million tons to 2646.7 million tons [7] - On the 22nd, mainstream steel mills in the Shandong market lowered their coke procurement prices, with wet - quenched coke down 50 yuan/ton and dry - quenched coke down 55 yuan/ton. Some steel mills in the Hebei market also lowered their coke procurement prices [8] - An alloy factory in Inner Mongolia's Chayouqianqi has successively ignited the first and second silicon - manganese alloy submerged arc furnaces and plans to ignite the third before the Spring Festival in 2026 and the fourth after the Spring Festival [8]

Core Viewpoint - The article highlights the recent performance of precious metals and energy commodities, noting that gold, silver, and copper have reached historical highs, while oil prices have also increased due to geopolitical tensions and supply dynamics [1][2][3]. Precious Metals - International gold and silver prices have reached historical highs, with gold rising over 2% and silver increasing by more than 3% [1][2]. - The U.S. November CPI was reported at 2.7%, lower than the expected 3.1%, and the core CPI at 2.6%, below the anticipated 3%, which raises questions about inflation but provides room for potential interest rate cuts [2][20]. - The U.S. non-farm payroll data showed an increase of 64,000 jobs, better than the expected 50,000, but the unemployment rate rose to 4.6%, supporting the expectation of continued monetary easing by the Federal Reserve, which is bullish for precious metals [2][20]. Energy Commodities - Oil prices have seen a significant increase, with the SC night market rising by 2.01%. Saudi Arabia's average daily crude oil exports reached 7.1 million barrels in October, the highest in two and a half years, up from 6.46 million barrels in September [3][14]. - Geopolitical tensions, particularly regarding potential sanctions on Russia's energy sector, are influencing oil prices, although the overall trend remains uncertain [3][14]. Agricultural Products - The palm oil market is experiencing upward pressure due to Malaysia's reduction of export tax rates, although inventory levels remain high, and a significant improvement in the supply-demand balance is not expected until December [29]. - The soybean market is under pressure from slow export sales and strong production expectations in South America, leading to a bearish outlook for soybean prices [28]. Financial Markets - The U.S. stock indices have shown an upward trend, with significant market activity and a financing balance increase, indicating a potential long-term bullish trend supported by favorable policies and liquidity [11]. - The bond market is experiencing a general decline, with the 10-year government bond yield rising to 1.845%, reflecting a mixed economic outlook and expectations of future monetary policy adjustments [12][13]. Shipping Index - The European shipping index has shown a strong upward movement, with a reported increase of 8.77% in the EC contract, reflecting positive market sentiment and expectations for price stability in the near future [32][33].

Group 1: Report Overview - The report is about the weekly data of iron ore arrivals and shipments in the 51st week of 2025 [1] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - The domestic arrivals at 47 ports decreased to 27.902 million tons, with a week - on - week drop of 1.379 million tons, showing a decline from the high level. The arrivals of Australian and Brazilian ores decreased, while non - Australian and non - Brazilian ores reached a high for the year [2] - Overseas ore shipments decreased again, with the global total at 34.645 million tons, a week - on - week drop of 1.2805 million tons, also declining from the high. The decrease mainly came from major miners, and non - Australian and non - Brazilian ores were at a high for the year [2] - According to the shipping schedule, the arrivals of Australian and Brazilian ores at domestic ports are expected to be stable, and overseas ore supply is relatively active [2] Group 4: Summary by Directory 1. Brief Review - Domestic 47 - port arrivals decreased, with Australian and Brazilian ores dropping and non - Australian and non - Brazilian ores increasing. Overseas shipments decreased due to major miners, but non - Australian and non - Brazilian ores remained at a high [2] 2. Ore Arrival and Shipment Data - Arrival data: Northern six - port arrivals were 12.564 million tons, down 102,100 tons week - on - week (-7.52%); 45 - port arrivals were 26.467 million tons, down 76,700 tons (-2.82%); 47 - port arrivals were 27.902 million tons, down 137,900 tons (-4.71%). Among them, Australian ore at 47 ports decreased by 93,800 tons, Brazilian ore by 125,200 tons, and other ores increased by 81,100 tons [3] - Shipment data: Global shipments were 34.645 million tons, down 1.2805 million tons (-3.56%). Australian shipments decreased by 102,010 tons, Brazilian by 48,790 tons, and other regions increased by 22,760 tons. Among major miners, VALE's shipments decreased by 67,610 tons, RIO by 10,490 tons, BHP by 5,630 tons, and FMG by 66,940 tons [3] 3. Related Charts - The report includes charts on domestic port arrivals, global iron ore shipments, shipments of the four major miners, and estimated domestic arrivals of iron ore [4][6][8][10]

Group 1: Report Overview - Report title: Iron Ore Daily Report [2] - Report date: December 22, 2025 [2] Group 2: Futures Market Data - DCE01 price: 797.5, down 0.5 from yesterday [2] - DCE05 price: 781.5, up 1.5 from yesterday [2] - DCE09 price: 760.5, up 2.5 from yesterday [2] - I01 - I05 spread: 16.0, down 2.0 from yesterday [2] - I05 - I09 spread: 21.0, down 1.0 from yesterday [2] - I09 - I01 spread: -37.0, up 3.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price: 791, up 1 from yesterday [2] - Newman powder price: 793, up 1 from yesterday [2] - Mac powder price: 787, up 1 from yesterday [2] - Jinbuba powder (60.5%) price: 748, up 1 from yesterday [2] - Roy Hill powder price: 781, up 1 from yesterday [2] - Super Special powder price: 677, down 1 from yesterday [2] - BRBF (62.5%) price: 831, up 1 from yesterday [2] - BRBF (63%) price: 837, up 1 from yesterday [2] - FMG price: 738, unchanged from yesterday [2] - Carajás powder price: 874, up 2 from yesterday [2] - Karara concentrate price: 877, up 2 from yesterday [2] - Ukrainian concentrate price: 875, up 2 from yesterday [2] - IOC6 price: 765, up 1 from yesterday [2] - KUMBA price: 871, up 1 from yesterday [2] - SP10 price: 732, up 1 from yesterday [2] - Minmetals standard powder price: 807, up 2 from yesterday [2] - Optimal delivery product: Carajás powder [2] Group 4: Spot Price Spreads and Import Profits - Carajás powder - PB powder spread: 79, up 1 from yesterday [2] - Newman powder - Jinbuba powder spread: 45, unchanged from yesterday [2] - Carajás powder - Jinbuba powder spread: 126, up 1 from yesterday [2] - PB powder - Jinbuba powder spread: 47, unchanged from yesterday [2] - Newman lump - Newman powder spread: 72, up 3 from yesterday [2] - Roy Hill lump - Roy Hill powder spread: 14, down 1 from yesterday [2] - Mac powder - Super Special powder spread: 110, up 2 from yesterday [2] - PB powder - Super Special powder spread: 118, up 2 from yesterday [2] - PB lump - PB powder spread: 77, down 1 from yesterday [2] - Carajás powder import profit: -29, up 10 from the day before yesterday [2] - Newman powder import profit: 50, up 18 from the day before yesterday [2] - PB powder import profit: -3, up 2 from the day before yesterday [2] - Jinbuba powder import profit: 42, up 13 from the day before yesterday [2] - Super Special powder import profit: -3, up 4 from the day before yesterday [2] - PB lump import profit: 88, up 2 from the day before yesterday [2] - BRBF import profit: 10, up 8 from the day before yesterday [2] - Mac powder import profit: 41, up 10 from the day before yesterday [2] - FMG import profit: 9, up 5 from the day before yesterday [2] Group 5: Platts Index and USD Spreads - Platts Iron Ore 62% price: 108.2, down 0.2 from yesterday [2] - Platts Iron Ore 65% price: 121.2, down 0.2 from yesterday [2] - Platts Iron Ore 58% price: 94.0, down 0.4 from yesterday [2] - SGX主力 - DCE01 spread: 0.9, down 0.2 from yesterday [2] - SGX主力 - DCE05 spread: 3.2, down 0.4 from yesterday [2] - SGX主力 - DCE09 spread: 6.0, down 0.5 from yesterday [2]

【华宝期货】黑色产业链周报 华宝期货 2025.12.22 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 目录 01 周度行情回顾 02 本周黑色行情预判 03 品种数据（成材、铁矿石、煤焦、铁合金） 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 01 周度行情回顾 | 品种 | | | 期货主力合约收盘价格 | | | | 现货价格 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | STATUS CONSULTION COLLECTION | | 2025.12.19 | 2025.12.12 | 价格变动 | 涨跌幅 | | 2025.12.19 | 2025.12.12 | 价格变动 | 涨跌幅 | | 螺纹钢 | RB2605 | 3119 | 3060 | 59 | 1.93% | HRB400E: Φ20: 汇总价格: 上海 ...

2026 年度中国期货市场投资报告 钢材&铁矿：供需双弱、重心下移 黑色产业链 内容提要： 石磊 黑色产业链分析师 从业资格证：F0270570 投资咨询证：Z0011147 TEL：0516-83831127 E-MAIL： shilei@neweraqh.com.cn 时卓然 黑色产业链研究员 从业资格证：F03142612 E-MAIL： shizhuoran@neweraqh.com.c n 近期报告回顾 2025-7-11 钢材：供需双降重心下移 1 投资有风险理财请匹配 ◆ 2025 年 1-10 月，全球粗钢产量 151712.9 万吨，同比减少 2878.7 万吨，折合 1.86 个百分点。其中印度、美国、土耳其等世界主要国家粗钢产量呈上升趋势，中国、 日本、韩国等多数国家粗钢产量下滑。2025 年，我国官方明确钢铁行业"反内卷" 与"供给端结构性优化"导向，新版产能置换政策的落地细化"减量、绿色化、整 合"三大方向，加速粗钢供给端的进一步缩减。预计 2025 年全年中国粗钢产量在 9.7 亿至 9.8 亿吨区间，较 2024 年全年 10.05 亿吨下降约 2.5%-3.5%。 ◆ 2025 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 12 月 22 日 钢材&铁矿石日报 专业研究·创造价值 现实格局弱稳，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡运行，录得 0.39%日涨幅，量仓扩大。现阶段， 螺纹钢供需两端均有所回升，淡季基本面并未改善，钢价仍易承压，相 对利好的是成本支撑与政策预期，预期现实博弈下螺纹维持震荡运行态 势，关注钢厂生产情况。 热轧卷板：主力期价震荡运行，录得 0.28%日涨幅，量增仓缩。目前来 看，热轧卷板供需两端均大幅走弱，产业格局并未好转，库存高位去化 有限，价格继续承压，相对利好的是政 ...

随着2025年接近尾声，市场对铁矿石价格走势的关注逐步转向2026年。从澳大利亚政府和主要金融机构 近期发布的报告来看，尽管对具体价格水平存在分歧，但多数分析机构认为，在全球供应持续扩张、需 求增长有限的背景下，澳大利亚铁矿石价格在2026年面临明显下行压力。 以澳大利亚主流粉矿为主要定价样本的62%品位铁矿石现货价格（青岛到岸价）自2025年8月以来稳定 在每吨100美元以上。由于中国铁矿石买家增加库存，铁矿石价格短期内仍保持稳定。 澳国库部与财政部在17日发布2025-2026财年年中经济与财政展望报告中也提到，自4月以来大宗商品价 格出现小幅上涨，其中铁矿石价格上涨是受到中国持续出台的经济增长支持政策的支撑。 不过，澳政府认为澳大利亚铁矿石价格中期回落的趋势已经明确。《资源与能源季报》指出，随着澳大 利亚本土及其他地区新增产能逐步投放，全球铁矿石市场供给将继续增长，而钢铁需求增长相对温和， 澳大利亚铁矿石价格（FOB）预计将从2024年的每吨93美元降至2025年的平均每吨87美元，再降至2026 年的每吨85美元，然后在2027年进一步降至每吨82美元。 国库部和财政部也在展望报告中对铁矿石价格做了技 ...

2025年行情即将接近尾声。整体来看，2025年我国资本市场走出一轮慢牛长牛走势，主要股指一度突破4000点关口。然而，市场呈现出结构严重分化的特 征，与科技板块表现突出，把握住这两大方向的投资者获得了较好回报，其他投资者则收益相对有限。这也导致出现一种特殊现象：尽管大盘已站上4000 点，许多投资者仍不认同这是一轮牛市。 | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3917.36 | 13332.73 | 1449.2 | | +26.92 +0.69% +192.52 +1.47% +3.45 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1335.25 | 3191.98 | 6319.0 | | +26.66 +2.04% +69.75 +2.23% +61.49 +0 | | | | 沪深300 | 中证500 | 中证A5( | | 4611.62 | 7255.66 | 5580.2 | | +43.45 +0.95% +86.11 +1.20% +64.11 +1 | | | | 中证1000 | 中证2000 | 中证红和 ...