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 2026 年 2 月 26 日 钢材&铁矿石日报 专业研究·创造价值 预期现实博弈，钢矿震荡回落 螺纹钢：主力期价震荡回落，录得 0.20%日涨幅，量仓收缩。现阶段， 供需双弱局面下螺纹钢基本面表现弱稳，库存持续增加，钢价仍易承 压，但政策预期在增强，钢市运行逻辑在现实与预期之间切换，预计走 势维持震荡运行态势，破局有待利好政策持续推出。 热轧卷板：主力期价高位回落，录得 0.09%日涨幅，量仓收缩。目前来 看，热卷需求开始恢复，但韧性有待跟踪，且供应压力未退，基本面表 现弱稳，价格仍将承压，相 ...

要点速览版 宏观背景切换 商品主线转向"控通胀与保增长"的平衡，国内告别大基建，进入存量博弈。 核心矛盾 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 黑色系只剩"弱现实+弱预期"，过剩矛盾突出，价格中枢下移、波动收窄。 作者：董良/F3065228、Z0020800/ 一德期货黑色分析师 后市展望 趋势向下但难一次性大跌。钢材端有出口对冲预期，矿价大跌将触发供给成本弹性。 年后以来，黑色板块依然"沉闷"，从宏观背景看是商品交易主逻辑的切换，外部矛盾从"防衰退"转 向"控通胀与稳增长的平衡"，国内则彻底告别"大基建+房地产"，进入"高质量存量需求博弈"阶段，全 球竞争分化，国内产业分化，黑色需求仍有韧性，但直接利好不足。 黑色市场较去年失去"低库存≈高弹性"的逻辑后，只剩下"弱现实+弱预期"组合，所以过剩矛盾较强，结 果是整体价格下移伴随波动区间收窄。2月25日的上涨则是受到唐山减产以及上海地产放开消息的利好 刺激，实际基本面变化不大。 对于铁矿石来说，春节前后的海外天气扰动已消除，全球铁矿石发运总量回升至高位，海飘库存和到港 量虽然有下滑，但同比水平仍高，小周期上又面临至三月中旬的限产， ...

铁矿石早报 研究中心黑色团队 2026/2/26 | | | 现货 | | | | 远期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 | 品种 | 最新 | 日变化 | 周变化 | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | 普氏61指数 | | 96.90 | 0.50 | 0.15 | | | | | | | 纽曼粉 | | 748 | 8 | -11 | 799.8 | 95.65 | 1.85 | 2.10 | 9.23 | | PB粉 | | 752 | 8 | -11 | 799.5 | | | | | | 澳洲 | 麦克粉 | 746 | 8 | -11 | 815.0 | 95.45 | 1.85 | 2.20 | 30.90 | | 金布巴 | | 705 | 8 | -11 | 794.7 | 88.05 | 1.85 | 2.85 | 38.00 | | 主流 | 混合粉 | 710 | 9 | 2 | 846.6 | 92.85 | 1.60 | 1.85 | ...

投资咨询系列报告 山金期货黑色板块日报 更新时间：2026年02月26日08时19分 一、螺纹、热卷 报告导读： 消息面上，上海发布楼市"沪七条"，进一步调减住房限购政策，购房门槛进一步降低；其次，华北部分钢企已接到2026年全国两会期间临时自主减 排通知，要求企业在3月4日—3月11日执行阶段性减排管控，高炉负荷按不低于30%比例自主减排，并由企业结合自身装备、生产与原料库存情况， 制定专项减排执行方案，按要求上报备案。在消息面利多提振下，黑色系商品大幅反弹。供需方面，春节前 247家样本钢厂螺纹产量大幅下降，表 观需求环比回落，总库存继续回升，五大品种总产量大幅下降，库存继续增加，表观需求处于一年中的低位。整体来看，目前市场整体仍处于节日 模式，供需双弱，预计要到元宵节之后才会启动，产量、需求处于低位，库存从低位快速增加，市场对 2026 年的需求预期相对偏弱。从技术面 看，期价出现大幅反弹，但是否能构成反转，仍有待观望。由于当前估值低，下方的空间或有限。 操作建议： 维持观望，谨慎交易 表1：螺纹、热卷相关数据 | 数据类别 | 指标 | 单位 | 最新 | | 较上日 | | 较上周 | | --- ...

黑色建材日报 | 2026-02-25 产业矛盾累积，成本支撑减弱 钢材：产业矛盾累积，成本支撑减弱 市场分析 昨日盘面整体走弱，螺纹钢期货主力合约收于3027元/吨，下跌0.92%；热卷主力合约收于3195元/吨，下跌0.84%。 现货方面，昨日国内钢材市场持稳运行，下游各地基本未有明显开工，报价稀少，价格多数地区持稳。 供需逻辑： 目前，钢材在供稳需弱局面下产业矛盾持续累积，库存大幅增加，钢价继续承压运行。板材供应压力未退，而需 求延续季节性走弱，基本面延续弱势运行，价格继续承压。总体来说，五大材库存维持累库，在需求尚未启动的 情况下，累库现象仍将维持，原料价格走弱，短期内钢价上涨动力不足，钢价短期跟随成本运行，需重点关注累 库情况以及节后需求恢复情况。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 策略 期权：无 风险 地缘政治、库存变化、需求复苏、成本支撑等 铁矿：全球发运稳增，矿价偏弱运行 市场分析 昨日铁矿石价格小幅震荡下行。现货方面，2月24日唐山港口进口铁矿主流品种价格较前一工作日小幅下跌。贸易 商报价积极性一般，钢厂询盘较少，目前现货市场成交冷清。2月24日全国主港铁矿累计成交40.5万 ...

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2026年02月25日08时14分 报告导读： 供需方面，春节前 247家样本钢厂螺纹产量大幅下降，表观需求环比回落，总库存继续回升，五大品种总产量大幅下降，库存继续增加，表观需求 处于一年中的低位。整体来看，目前市场整体仍处于节日模式，供需双弱，预计要到元宵节之后才会启动，产量、需求处于低位，库存从低位快速 增加，市场对 2026 年的需求预期相对偏弱。从技术面看，期价目前已经跌破了 12 月低点的支撑，暂时以下行趋势对待，而且持仓量增加，说明空 头更主动。由于当前估值低，下方的空间或有限。 操作建议： 维持观望，不建议追空 表1：螺纹、热卷相关数据 操作建议： 空单可轻仓持有 | 表2：铁矿石相关数据 | 数据类别 | 指标 | 单位 | 最新 | 较上日 | 较上周 | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1: Report Information - Report Name: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: February 25, 2026 [2] Group 2: Spot Market Data - **Australia's Mainstream Iron Ore**: Newman powder price is 740, down 8 daily and 19 weekly, with a disc conversion of 791.1; PB powder price is 744, down 8 daily and 19 weekly, disc conversion is 790.7; Mac powder price is 738, down 8 daily and 19 weekly, disc conversion is 806.2; Jinbuba powder price is 697, down 8 daily and 19 weekly, disc conversion is 786.1; Mixed powder price is 701, down 4 daily and 6 weekly, disc conversion is 836.8; Super special powder price is 638, down 3 daily and 12 weekly, disc conversion is 854.6; Carajás powder price is 859, up 5 daily and down 4 weekly, disc conversion is 790.9 [3]. - **Brazil's Mainstream Iron Ore**: Brazilian mixed powder price is 778, down 5 daily and 13 weekly, disc conversion is 780.9; Brazilian coarse IOC6 price is 719, down 8 daily and 19 weekly, disc conversion is 788.6; Brazilian coarse SSFG price is 724, down 8 daily and 19 weekly [3]. - **Non - mainstream Iron Ore**: Ukrainian concentrate powder price is 840, down 4 daily and up 2 weekly, disc conversion is 926.0; 61% Indian powder price is 686, down 8 daily and 19 weekly; Karara concentrate powder price is 844, down 4 daily and 3 weekly, disc conversion is 860.8; Roy Hill powder price is 731, down 8 daily and 19 weekly, disc conversion is 804.7; KUMBA powder price is 803, down 8 daily and 19 weekly, disc conversion is 781.1; 57% Indian powder price is 573, down 3 daily and 12 weekly; Atlas powder price is 696, down 4 daily and 6 weekly [3]. - **Other Products**: PB block/block premium price is 843, down 5 daily and 7 weekly; Ukrainian pellet/pellet premium price is 840, down 4 daily and up 2 weekly; Tangshan iron concentrate price is 944, down 13 daily and 19 weekly, disc conversion is 831.0 [3]. Group 3: Forward Market Data - **Newman Powder**: The forward price is 93.80, up 0.90 daily and 0.25 weekly, with an import profit of 12.44 [3]. - **Mac Powder**: The forward price is 93.60, up 1.00 daily and 0.35 weekly, with an import profit of 33.76 [3]. - **Jinbuba Powder**: The forward price is 86.20, up 1.65 daily and 1.00 weekly, with an import profit of 41.15 [3]. - **Mixed Powder**: The forward price is 91.25, up 0.90 daily and 0.25 weekly, with an import profit of 12.60 [3]. - **Super Special Powder**: The forward price is 85.75, up 0.90 daily and 0.25 weekly, with an import profit of - 1.20 [3]. - **Carajás Powder**: The forward price is 114.05, up 1.05 daily and 0.40 weekly, with an import profit of 9.85 [3]. - **Brazilian Mixed Powder**: The forward price is 103.35, up 1.55 daily and 0.90 weekly, with an import profit of 10.11 [3]. - **Roy Hill Powder**: The forward price is 89.95, up 0.85 daily and 0.20 weekly, with an import profit of 59.17 [3]. Group 4: Futures Market Data - **Dalian Commodity Exchange**: i2701 contract price is 713.5, down 6.5 daily and 18.5 weekly, with a monthly spread of 11.0 and a basis of 67.4, up 1.8 daily and 4.4 weekly; i2605 contract price is 740.5, down 5.5 daily and 21.0 weekly, with a monthly spread of - 27.0 and a basis of 40.4, up 0.8 daily and 6.9 weekly; i2609 contract price is 724.5, down 6.0 daily and 19.5 weekly, with a monthly spread of 16.0 and a basis of 56.4, up 1.3 daily and 5.4 weekly [3]. - **Singapore Exchange**: FE01 contract price is 93.82, up 0.36 daily and 0.28 weekly, with a monthly spread of 0.95 and a basis of - 19.7, up 7.5 daily and 10.1 weekly; FE05 contract price is 95.50, up 0.42 daily and 0.10 weekly, with a monthly spread of - 1.68 and a basis of - 7.5, up 8.8 daily and 9.8 weekly; FE09 contract price is 94.77, up 0.42 daily and 0.25 weekly, with a monthly spread of 0.73 and a basis of - 17.0, up 7.8 daily and 11.0 weekly [3].

铁矿石日报 2026 年 02 月 24 日 研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 713.5 | 720.0 | -6.5 | I01-I05 | -27.0 | -26.0 | -1.0 | | DCE05 | 740.5 | 746.0 | -5.5 | I05-I09 | 16.0 | 15.5 | 0.5 | | DCE09 | 724.5 | 730.5 | -6.0 | I09-I01 | 11.0 | 10.5 | 0.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 752 | 763 | -11 | 816 | 88 | 62 | 78 | | 纽曼粉 | 752 | 763 | -11 | 823 | 95 | 69 | 84 | | 麦克粉 | 745 | 755 | -10 | 823 | 95 | 69 | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After the holiday, A-shares are likely to have a restorative rebound. Asset shortage and weak economy are beneficial to bond futures, but the central bank has indicated interest rate risks in the short term. The macro situation during the holiday is favorable for the market, and the prices of various commodities have different trends [1]. 3. Summary by Related Catalogs Macro Finance - **Stock Index**: Before the holiday, the A-share market adjusted significantly due to the rise of risk aversion. During the holiday, the Hong Kong stock market rebounded, and technology sectors such as AI and robotics attracted wide attention. It is expected that A-shares will have a restorative rebound after the holiday [1]. - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank has indicated interest rate risks in the short term. Attention should be paid to the interest rate decision of the Bank of Japan [1]. Non-ferrous Metals - **Copper**: The macro situation during the holiday is favorable for the market, and the copper price may fluctuate strongly in the short term [1]. - **Aluminum**: The macro situation is mixed, and the aluminum price will fluctuate in the short term. The operating capacity of domestic alumina has decreased, and there are disturbances in the supply of a large alumina enterprise in North China. Attention should be paid to the opportunity of going long at a low price [1]. - **Zinc**: The negotiation between the United States and Iran has reached a deadlock, which has led to concerns about the supply of Iranian zinc mines and supported the zinc price in the short term. Attention should be paid to the resumption of production of downstream enterprises after the holiday [1]. - **Nickel**: The LME nickel price rose slightly during the holiday. Although the tailings landslide in the Indonesian QMB project has limited actual impact, there are still concerns about nickel ore supply. The nickel price will fluctuate strongly in the short term and is still affected by the resonance of the non-ferrous metal sector. Attention should be paid to changes in Indonesian policies and macro sentiment. In the long term, the high global nickel inventory may still have a suppressing effect. It is recommended to pay attention to the opportunity of going long at a low price and control risks [1]. - **Stainless Steel**: The raw material nickel-iron price remains firm, the spot transaction of stainless steel is weak, the social inventory has increased slightly, and the steel mills' maintenance and production reduction have increased in February. The stainless steel futures will fluctuate strongly. Attention should be paid to the demand recovery after the holiday. It is recommended to go long at a low price in the short term and control risks [1]. - **Tin**: The uncertainty of recent macro events is relatively large. Under the influence of US tariffs and geopolitics, the short-term volatility of the tin price may increase. Although the long-term trend of the tin price remains unchanged, investors are advised to pay attention to risk management and profit protection in the short term [1]. - **Precious Metals**: The judgment of the Supreme Court that the "IEEPA tariff" is illegal and Trump's new tariff policy have intensified market concerns about uncertainty. Coupled with the escalation of the geopolitical tension between the United States and Iran, the demand for hedging has supported the price of precious metals. The macro situation is favorable for platinum, and the balance expectation of palladium may improve, which may further support the palladium price in the short term [1]. Agricultural Products - **Palm Oil**: The data of Malaysian palm oil from February 1 to 20 showed a double decline in production and exports. The Malaysian palm oil market rebounded and then faced pressure during the holiday and is expected to fluctuate [1]. - **Soybean Oil**: The US soybean oil has risen under the influence of biodiesel and crude oil prices. The domestic soybean oil may open higher but lacks new driving forces for the time being. It is recommended to wait and see [1]. - **Rapeseed**: The ICE rapeseed rose slightly during the holiday and may be affected by US biodiesel and potential domestic import demand. Attention should be paid to the release of the EPA biodiesel policy and the anti-dumping arbitration announcement of Canadian rapeseed in China [1]. - **Cotton**: The domestic new cotton crop has a strong expectation of a bumper harvest, and the purchase price of seed cotton supports the cost of lint cotton. The downstream startup rate remains low, but the inventory of spinning mills is not high, and there is a rigid demand for replenishment. The cotton market is currently in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding direct subsidy prices and cotton planting areas, the intention of cotton planting areas next year, weather during the planting period, and the peak demand season from March to April [1]. - **Sugar**: The global sugar market is in surplus, and the domestic new sugar supply is increasing. The short-selling consensus is relatively consistent. If the price continues to fall, there will be strong cost support below, but the short-term fundamentals lack continuous driving forces. Attention should be paid to changes in the capital market [1]. - **Corn**: After the holiday, attention should be paid to the selling pressure of on-the-ground grain in the production areas. However, the quality of Northeast grain is relatively dry this year, and the selling pressure is expected to be limited under the support of the rigid replenishment demand of the middle and lower reaches. In addition, attention should be paid to the release of policy grain and the implementation of import restrictions after the holiday. The overall expectation is to maintain range fluctuations [1]. - **Soybean Meal**: The US tariff policy has changed during the holiday, but the external market fluctuated little, which has limited guidance for the domestic soybean meal market. The Brazilian soybean premium has declined, and the soybean meal market is expected to fluctuate. Attention should be paid to Sino-US trade dynamics and Brazilian selling pressure in the near future [1]. - **Coniferous Pulp**: There is no obvious positive news for coniferous pulp during the Spring Festival. The previous positive factors on the supply side have basically faded. It is expected to fluctuate in the range of 5200 - 5400 in the short term. Attention should be paid to the port inventory after the holiday [1]. - **Log**: The spot price of logs has risen, the log arrivals in February have decreased, and the external quotation is expected to rise. The futures market has an upward driving force [1]. Energy and Chemicals - **Fuel Oil**: OPEC+ has suspended production increases until the end of 2026, the Middle East geopolitical situation is still uncertain, and the sentiment in the commodity market has cooled down. The short-term supply-demand contradiction is not prominent, and it follows the trend of crude oil [1]. - **Asphalt**: The raw material cost has strong support, the sentiment in the commodity market is changeable, the risk appetite of funds has decreased, the downstream demand has weakened before the holiday, and the basis difference has expanded to the high level of the same period [1]. - **Butadiene**: The cost end of butadiene has strong support, the overseas cracking device capacity has been cleared, which is beneficial to the long-term domestic butadiene export expectation. The profit of private cis-butadiene plants has remained in a loss state recently, and the expectation of maintenance and load reduction has increased. The downstream negative feedback has been gradually realized. The butadiene market is in a state of destocking, and the high inventory of cis-butadiene is still a potential negative factor. Attention should be paid to the inventory reduction of cis-butadiene before the Spring Festival and the trading performance of the butadiene market. The short-term market is expected to fluctuate widely, and the BR still has an upward expectation in the long term [1]. - **PX**: The PX-mixed xylene price difference has narrowed to $150, which is still enough to support PX manufacturers to purchase mixed xylene as raw materials. PX maintains fundamental resilience during the high-level correction, and there are still risks of crude oil prices due to the Iranian geopolitical risk. The downstream PTA industry continues to be strong, and the domestic PTA output in January is expected to reach a new high, and there is no plan to reduce production during the Spring Festival, and there is no new PTA production capacity throughout the year [1]. - **Ethylene**: The production profit rate of naphtha cracking has declined due to the rise in raw material prices. The price difference between ethylene and naphtha has reached $83. Several Korean ethylene producers plan to maintain the operating rate of their cracking devices in February. The ethylene glycol price is waiting at a low level [1]. - **Styrene**: The high inventory of pure benzene has weak import demand, and the price difference between the United States and Asia is $88, which is not enough to open the arbitrage window. The Asian styrene price and economic situation have recovered, mainly driven by supply tightening, unexpected shutdowns in the Middle East, surging export demand, and rising cost ends. The continuous strong export, short-term supply gap caused by domestic maintenance, and speculative buying driven by chemical futures support the firmness of the spot price [1]. - **Methanol**: Methanol is generally affected by the Iranian situation, and the future import is expected to decrease, but the downstream negative feedback is obvious. The leading MTO device has stopped, and some enterprises have reduced production, but the Fude plant restarted on January 25. The Iranian situation has eased, but the risk cannot be completely ruled out. The freight has risen due to the cold air in the inland area, and the inventory pressure of enterprises in the northwest has increased, and they have reduced prices to sell goods [1]. - **PVC**: In 2026, there will be less global production, and the differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. The future expectation is relatively optimistic, but the current fundamentals are poor, and the export rush has slowed down stage by stage [1]. - **LPG**: The CP price in February has risen, and the purchase in March is still relatively tight. The Middle East geopolitical conflict has cooled down, and the short-term risk premium has declined. The driving logic of the overseas cold wave has gradually slowed down, and the market expectation is weakening. It is expected that the basis will gradually expand. The domestic PDH operating rate has declined, and the profit is expected to recover seasonally. The short-term demand side of LPG is bearish, which suppresses the upward movement of the market. The port inventory has been continuously decreasing, but the domestic civil gas is relatively sufficient, showing a divergence between propane and PG [1]. Shipping - **Container Shipping**: The freight rate peaked and fell before the holiday. Airlines are still cautious about tentative resume flights. Airlines are expected to have a strong willingness to stop the decline and raise prices after the off-season in March [1].

1. Report Industry Investment Rating - Investment Rating: ★★ [6] 2. Core View of the Report - Last week, the Iron Ore 2605 contract fell 2.48%. During the long - holiday, the iron ore spot market was quiet, with few inquiries, quotes, and transactions. The Singapore iron ore swap declined slightly. It's expected that post - holiday restocking demand from steel mills will be low, providing limited support to the market. It is recommended to stay on the sidelines [4][5]. 3. Summary by Relevant Catalogs 3.1 Market Review - From February 16th to 22nd, 2026, the global iron ore shipment volume was 33.209 million tons, a week - on - week increase of 6.31 million tons. The shipment volume from Australia and Brazil was 27.133 million tons, a week - on - week increase of 5.984 million tons. The arrival volume at 45 ports in China was 21.524 million tons, a week - on - week decrease of 2.656 million tons; the arrival volume at six northern ports was 10.277 million tons, a week - on - week decrease of 3.033 million tons [4][30][31]. 3.2 Market Outlook - After the holiday, it's expected that steel mills' restocking demand will be low, offering limited support to the futures market. It is advised to stay on the sidelines [5][32]. 3.3 Operation Strategy - For single - side trading, arbitrage, and options trading, it is recommended to stay on the sidelines [6][33]. 3.4 Important Market Information - On February 16th, President Xi Jinping's article emphasized that in 2026, economic work should focus on key points, adhere to domestic - demand leadership, and build a strong domestic market. - On February 18th, Fortescue applied to the Western Australian EPA to build a 12 - million - ton - per - year Wyloo North iron ore project in the Pilbara region. - On February 21st, US President Trump signed an executive order to impose a 10% ad - valorem import tariff on imported goods starting from February 24th, which was later raised to 15%. Trump also claimed that the US trade deficit had decreased by 78% [13][14]. 3.5 Supply - Side Situation - As of December 2025, the import volume of iron ore and concentrates was 119.65 million tons, an increase of 9.11 million tons from the previous month; the import average price was $101.16 per ton, a decrease of $0.33 from the previous month. - As of January 2026, Australia's iron ore shipment volume was 61.112 million tons, a decrease of 10.281 million tons from the previous month; Brazil's shipment volume was 18.891 million tons, a decrease of 8.744 million tons from the first half of the month [17][21]. 3.6 Demand - Side Situation - The report mentions data sources for 247 steel mills' daily average hot - metal output, 247 steel mills' profitability rate, and Shanghai's terminal wire - rod procurement volume, but no specific data is provided [23][24][27]. 3.7 Fundamental Analysis - From February 16th to 22nd, 2026, the global iron ore shipment volume was 33.209 million tons, a week - on - week increase of 6.31 million tons. The shipment volume from Australia and Brazil was 27.133 million tons, a week - on - week increase of 5.984 million tons. The arrival volume at 47 ports in China was 23.211 million tons, a week - on - week decrease of 1.746 million tons; the arrival volume at 45 ports in China was 21.524 million tons, a week - on - week decrease of 2.656 million tons; the arrival volume at six northern ports was 10.277 million tons, a week - on - week decrease of 3.033 million tons. - Rio Tinto expects the unit cash cost (FOB basis) of Pilbara iron ore in 2026 to be between $23.5 and $25 per wet ton. - By the end of 2025, over 80% of China's crude steel production capacity achieved ultra - low emissions. The energy consumption of blast furnaces and converters in 143 enterprises decreased by 2.5% and 12.2% respectively compared to 2023, saving 13.2 million tons of standard coal and reducing 34 million tons of carbon dioxide emissions [30][31].