Report Industry Investment Rating - Not provided Core Viewpoints - For soymeal, due to Brazil's temporary cancellation of a quarantine measure, Brazilian soybean shipments have returned to normal, and the soybeans will arrive in China to resolve quarantine issues. Although the U.S. soybeans hit the daily limit down overnight, the decline of the domestic market was less than that of the external market due to concerns about near - month arrivals. It is expected to fluctuate at a high level in the short term, and attention should be paid to near - month arrivals and the schedule of imported soybean auctions [2]. - For oils, the sharp rise in crude oil has made major biofuel - producing countries eager to act. Policy - related benefits such as Indonesia's B50 and the U.S. new biofuel policy are expected to gradually materialize with high crude oil prices. It is estimated that oils will continue to be strong in the short term, but the changes in the Middle East situation around the end of the month need to be vigilant [2]. Summary by Related Content Soymeal - As of March 14, Brazil's soybean harvest rate was 59.2%, compared with 50.6% last week, 69.8% in the same period last year, and a five - year average of 58.4% [1]. - In the second week of March 2026 (10 working days), Brazil cumulatively shipped 6.5073 million tons of soybeans, with a daily average shipment of 650,700 tons/day, a 15.65% decrease compared to 771,500 tons/day in March last year. It cumulatively shipped 636,400 tons of soymeal, with a daily average shipment of 63,600 tons/day, a 36.95% decrease compared to 100,900 tons/day in March last year [1]. - In the 11th week of 2026, the soybean inventory of major domestic oil mills was 5.4861 million tons, a decrease of 240,600 tons (4.20%) from last week and an increase of 2.3181 million tons (73.17%) compared to last year. The soymeal inventory was 627,300 tons, a decrease of 133,200 tons (17.51%) from last week and a decrease of 55,700 tons (8.16%) compared to last year [1]. Oils - The NOPA reported that the U.S. soybean oil inventory in February was 2.08 billion pounds, higher than the market expectation of 1.93 billion pounds and 1.9 billion pounds in January. The U.S. soybean crushing volume in February was 208.785 million bushels, higher than the market expectation of 202.73 million bushels and lower than 221.564 million bushels in January [2]. - On March 13, the domestic commercial inventory of soybean oil was 910,000 tons, a decrease of 10,000 tons week - on - week, 50,000 tons month - on - month, and 10,000 tons year - on - year. The rapeseed oil inventory was 270,000 tons, an increase of 20,000 tons week - on - week, 30,000 tons month - on - month, and a decrease of 470,000 tons year - on - year. The palm oil inventory was 870,000 tons, an increase of 20,000 tons week - on - week, 130,000 tons month - on - month, and 440,000 tons year - on - year [2].

| 3/18 20:30 美国2月PPI、核心PPI | | | --- | --- | | 3/19 2:00 美联储利率决议 | | | 3/19 20:00 英国央行利率决议 | | | 3/19 21:15 欧洲央行利率决议 | | | 重点关注 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 | 股指期货全景日报 2026/3/17 | 项目类别 | 数据指标 IF主力合约（2603） | 最新 4628.8 | 环比 数据指标 -33.0↓ IF次主力合约（2606） | 最新 4557.8 | 环比 -31.6↓ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2603） IC主力合约（2603） | 2962.0 8000.0 | +8.8↑ IH次主力合约（2606） -167.2↓ IC次主力合约（2606） | 2940.6 7809.8 | -2.4↓ -179.2↓ | | | IM主力合约（2603） | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Supply - side inventory remains high, and the elimination of old chickens is slow, resulting in sufficient overall supply. However, with schools fully reopened, factories back in operation, and the early start of Tomb - Sweeping Festival stockpiling, off - season demand has been significantly boosted. Feed costs have risen, causing farmers to be reluctant to sell and support prices, leading to a rebound in spot prices. This further weakens the expectation of a decline in laying - hen inventory. The egg futures market maintains a volatile trend, and short - term trading is recommended [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3382 yuan/500 kilograms, a decrease of 57 yuan compared to the previous period. The net long position of the top 20 futures holders of eggs is - 4422 hands, a decrease of 5377 hands. The monthly spread between the 5 - month and 9 - month egg futures contracts is - 452 yuan/500 kilograms, a decrease of 31 yuan. The trading volume of the active egg futures contract is 171,295 hands, an increase of 584 hands. The registered warehouse receipt volume of eggs is 0 hands [2] 3.2 Spot Market - The spot price of eggs is 3.2 yuan/jin, a decrease of 0.01 yuan. The basis (spot - futures) is - 177 yuan/500 kilograms, an increase of 44 yuan [2] 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75. The national eliminated laying - hen index is 124.98 (with 2015 = 100), an increase of 23.8. The average price of egg - laying chicken seedlings in the main production areas is 3.5 yuan/feather, unchanged. The national new - chick index is 71.99 (with 2015 = 100), a decrease of 21.63. The average price of egg - laying chicken compound feed is 2.84 yuan/kg, an increase of 0.04 yuan. The breeding profit of egg - laying chickens is - 0.33 yuan/head, an increase of 0.02 yuan. The average price of eliminated chickens in the main production areas is 10.4 yuan/kg, an increase of 0.52 yuan. The average age of eliminated chickens in the country is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 16.2 yuan/kg, an increase of 0.02 yuan. The average wholesale price of 28 key - monitored vegetables is 4.88 yuan/kg, a decrease of 0.01 yuan. The average wholesale price of white - striped chickens is 17.2 yuan/kg, an increase of 0.03 yuan. The weekly inventory in the circulation link is 1.17 days, a decrease of 0.1 days. The weekly inventory in the production link is 1.07 days, a decrease of 0.15 days. The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 6864 tons, a decrease of 440 tons [2] 3.6 Industry News - The average price of eggs in Shandong's main production area is 6.34 yuan/kg, unchanged from the previous day; in Hebei, it is 5.97 yuan/kg, unchanged; in Guangdong, it is 7.07 yuan/kg, unchanged; in Beijing, it is 6.40 yuan/kg, unchanged [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: International oil price surges due to the intensification of the US - Iran conflict, which boosts international corn prices and benefits the domestic market. In the domestic market, the supply of corn from Northeast China has improved, but the remaining grain is decreasing, and the selling pressure risk is reduced. After active replenishment, processing enterprises' inventories have returned to a safe level. With weak downstream demand and profit losses, enterprises mainly maintain rolling replenishment, and prices have loosened. The price difference between wheat and corn has widened, and some feed enterprises have started to purchase wheat. The adjustment of the lowest - price wheat auction policy may increase the demand for wheat as a feed substitute and weaken the later - stage demand for corn. Corn futures prices are oscillating at a high level, and short - term participation is recommended [2]. - **Corn Starch**: As corn starch enterprises gradually resume production, the industry's operating rate has increased, and the supply - side pressure has increased. However, the increase in the operating rate is slow, downstream demand has improved, and the industry inventory has slightly decreased. The starch market has been oscillating strongly recently, supported by the strong performance of corn [3]. 3. Summary by Directory Futures Market - **Corn**: The closing price of the active contract of corn futures is 2386 yuan/ton, with a decrease of 19 yuan/ton; the 5 - 9 month spread is - 13 yuan/ton, with a decrease of 1 yuan/ton; the net long position of the top 20 futures holdings is - 238809 hands, with a decrease of 3500 hands; the registered warehouse receipt volume is 78333 hands, with a decrease of 130 hands [2]. - **Corn Starch**: The closing price of the active contract of corn starch futures is 2730 yuan/ton, with an increase of 1 yuan/ton; the 5 - 7 month spread is - 1, with a decrease of 1; the net long position of the top 20 futures holdings is 242866 hands, with a decrease of 546 hands; the registered warehouse receipt volume is 6255 hands, with a decrease of 305 hands; the CS - C spread of the main contract is 335 yuan/ton [2]. Outer - disk Market - The closing price of the active contract of CBOT corn futures is 454.75 cents/bushel, with a decrease of 12.25 cents/bushel; the total position is 1723308 contracts, with an increase of 105847 contracts; the non - commercial net long position is 167722 contracts [2]. Spot Market - **Corn**: The average spot price of corn is 2452.35 yuan/ton, with an increase of 3.72 yuan/ton; the flat - hatch price at Jinzhou Port is 2410 yuan/ton, with no change; the CIF price of imported corn is 2085.07 yuan/ton, with a decrease of 5.26 yuan/ton; the international freight of imported corn is 0 dollars/ton; the basis of the main corn contract is - 3.28 yuan/ton [2]. - **Corn Starch**: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2830 yuan/ton, 3040 yuan/ton, and 3020 yuan/ton respectively, all with no change; the basis of the main corn starch contract is 100 yuan/ton, with an increase of 13 yuan/ton; the price difference between Shandong starch and corn is 540 yuan/ton, with an increase of 50 yuan/ton [2]. - **Substitute Products**: The average spot price of wheat is 2596.94 yuan/ton, with an increase of 14.33 yuan/ton; the price difference between tapioca starch and corn starch is 737 yuan/ton, with an increase of 80 yuan/ton; the price difference between corn starch and 30 - powder is - 34 yuan/ton, with an increase of 35 yuan/ton [2]. Upstream Situation - **Sowing Area and Yield Forecast**: The predicted sowing area of corn in the US is 432.34 million hectares, with an increase of 0.49 million hectares; the predicted yield is 36.93 million tons. In Brazil, the sowing area is 131 million hectares, and the predicted yield is 22.6 million tons. In Argentina, the sowing area is 53 million hectares, and the predicted yield is 7.5 million tons. In China, the sowing area is 301.24 million hectares, with an increase of 0.66 million hectares, and the predicted yield is 44.96 million tons. In Ukraine, the predicted yield is 29 million tons [2]. - **Inventory**: The inventory of corn in southern ports is 69.6 tons, with a decrease of 19.6 tons; the inventory of deep - processed corn is 337.7 tons, with a decrease of 6 tons; the inventory of corn in northern ports is 219 tons, with an increase of 19 tons [2]. Industry Situation - **Inventory**: The weekly inventory of starch enterprises is 120.9 tons, with a decrease of 1.00 tons, a weekly decrease of 0.82%, a monthly increase of 0.92%, and a year - on - year decrease of 11.17% [3]. - **Import and Export**: The monthly import volume of corn is 80 tons, with an increase of 24 tons; the monthly export volume of corn starch is 16.74 tons, with a decrease of 0.2 tons [2]. - **Production**: The monthly production of feed is 3008.6 tons, with an increase of 30.7 tons [2]. Downstream Situation - **Inventory and Consumption**: The inventory days of sample feed corn are 30.06 days, with a decrease of 0.19 days; the deep - processed corn consumption is 126.86 tons, with an increase of 4.91 tons [2]. - **Profit**: The processing profit of corn starch in Shandong is - 13 yuan/ton, with an increase of 10 yuan/ton; in Hebei, it is 120 yuan/ton, with an increase of 24 yuan/ton; in Jilin, it is - 16 yuan/ton, with no change [2]. - **Operating Rate**: The operating rate of alcohol enterprises is 55.61%, with an increase of 1.53%; the operating rate of starch enterprises is 55.73%, with an increase of 1.21% [2]. Option Market - The 20 - day historical volatility of corn is 7.82%, with an increase of 0.23%; the 60 - day historical volatility is 7.26%, with an increase of 0.04%. The implied volatility of at - the - money call options and put options for corn is 15.63%, with a decrease of 0.04% [2]. Industry News - As of March 12, the harvesting progress of the first - season corn in the central and southern regions of Brazil in the 2025/26 season reached 50%, higher than 42% of the previous week but lower than 72% of the same period last year. The planting progress of the second - season corn in Brazil in the 2025/26 season was 91%, higher than 82% of a week ago but lower than 97% of the same period last year [2]. - The intensification of the US - Iran conflict has led to a sharp rise in international oil prices, which has pushed up freight rates and boosted international corn market prices [2]. Key Points to Watch - Pay attention to the weekly consumption of corn and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The overall domestic urea market is fluctuating strongly. The international price is at a high level due to the geopolitical conflict between the US and Iran, and the domestic urea market is affected by market sentiment. However, factory quotes are relatively stable under the influence of the guidance price. The UR2605 contract is expected to fluctuate in the range of 1850 - 1950 yuan/ton in the short term [2]. - The agricultural demand has decreased recently, but due to the strong market sentiment, a few dealers are replenishing their stocks. The开工 rate of compound fertilizer plants has increased, and the industrial consumption of urea has increased. The inventory of urea enterprises in most regions has decreased to varying degrees, and the domestic urea enterprise inventory is expected to continue to decline in the short - term [2]. - The domestic urea production has decreased slightly recently. Although there are plans for some enterprises' equipment to stop and resume production this week, considering short - term enterprise failures, the production is expected to have little fluctuation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract was 1878 yuan/ton, a decrease of 22 yuan compared with the previous period; the 5 - 9 spread was - 41 yuan/ton, a decrease of 2 yuan; the main contract's open interest was 244,735 lots, a decrease of 4,869 lots; the net position of the top 20 was - 45,545; the exchange warehouse receipts were 8,055, unchanged [2]. 3.2 Spot Market - In the domestic spot market, the prices in Hebei, Shandong, and Anhui decreased by 20 yuan/ton, 10 yuan/ton, and 20 yuan/ton respectively, while the prices in Henan and Jiangsu remained unchanged. The FOB prices in the Baltic and Chinese main ports remained unchanged at 570 US dollars/ton and 645 US dollars/ton respectively. The basis of the Zhengzhou urea main contract was 12 yuan/ton, an increase of 12 yuan [2]. 3.3 Industry Situation - The port inventory was 18.9 tons, a decrease of 0.1 tons compared with the previous period, a decline of 0.53%; the enterprise inventory was 95.76 tons, a decrease of 14.05 tons, a decline of 12.79%. The urea enterprise's operating rate was 93.29%, a decrease of 0.02%; the daily urea production was 219,700 tons, unchanged. The urea export volume was 28 tons, a decrease of 32 tons; the monthly urea production was 6,289,610 tons, an increase of 271,170 tons [2]. 3.4 Downstream Situation - The operating rate of compound fertilizer was 45.56%, an increase of 8.54%; the operating rate of melamine was 53.35%, an increase of 3.9%. The weekly profit of compound fertilizer was 190 yuan/ton, a decrease of 19 yuan; the weekly profit of melamine with externally - purchased urea was 286 yuan/ton, an increase of 534 yuan. The monthly production of compound fertilizer was 517.99 tons, an increase of 18.45 tons; the weekly production of melamine was 28,200 tons, an increase of 2,500 tons [2]. 3.5 Industry News - As of March 11, the total inventory of Chinese urea enterprises was 95.76 tons, a decrease of 14.05 tons compared with the previous period, a decline of 12.79%. As of March 12, the port inventory was 18.9 tons, a decrease of 0.1 tons, a decline of 0.53%. The production of Chinese urea enterprises was 1,537,600 tons, a decrease of 300 tons, a decline of 0.02%; the capacity utilization rate was 93.29%, a decrease of 0.02% [2].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - For PTA, short - term geopolitical situation dominates the phased fluctuations of the energy - chemical sector. Due to the poor crude oil supply, PX units reduce their loads. With cost support and expected supply reduction, and the slow recovery of the downstream polyester enterprises' load and cautious ordering, it is expected that the short - term PTA price will fluctuate widely following the cost side [3]. - For MEG, domestic cracking units reduce their loads, and the import of MEG to ports drops sharply due to restricted passage in the Strait of Hormuz. Supply drops rapidly, and the main port inventory is expected to start destocking this week, with supply - demand improving in the second quarter. Currently, the coal - to - MEG profit has been greatly repaired, and the units have the expectation of restarting. Continuous attention should be paid to overseas situations and unit changes [4]. 3. Summary by Related Contents PTA - **Main Contract**: On March 17, the PTA main futures contract TA605 fell 1.26%, and the basis was - 67 yuan/ton, a decrease of 21 yuan/ton from the previous trading day [3]. - **Fundamentals**: The market price of PTA in East China today is 6775 yuan/ton, a decrease of 185 yuan/ton from the previous trading day. The Brent crude oil at the cost side fluctuates around $105 per barrel due to the continuous blockade of the Strait of Hormuz. The PTA capacity utilization rate remains flat at 75.08% compared with the previous working day, and the PTA factory inventory is 5.94 days, an increase of 0.59 days from last week's 5.35 days [3]. - **Main Force Movements**: The long - position main force reduced positions [3]. - **Trend Expectation**: Short - term PTA price is expected to fluctuate widely following the cost side [3]. MEG - **Main Contract**: On March 17, the ethylene glycol main futures contract eg2605 fell 1.27%, and the basis was - 56 yuan/ton, a decrease of 23 yuan/ton from the previous trading day [4]. - **Fundamentals**: The market price of ethylene glycol in East China today is 4740 yuan/ton, a decrease of 115 yuan/ton from the previous trading day. The total inventory of MEG in the main ports of East China is 91.2 tons, a decrease of 1.5 tons from the previous period [4]. - **Main Force Movements**: The long - position main force reduced positions [4]. - **Trend Expectation**: Supply drops rapidly, and the main port inventory is expected to start destocking this week, with supply - demand improving in the second quarter. Pay attention to overseas situations and unit changes [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The polyolefin market is rising mainly due to concerns about raw material supply caused by geopolitical factors and the intensifying expectation of supply - side contraction, which drives up the price of olefins. The conflict in the Middle East has led to a further increase in international oil prices, providing strong support for chemicals. For PE, the supply is tightening due to more shutdowns and production cuts in domestic refineries and weak import arrivals, while the demand side has a mixed situation with rising demand for mulch film but cautious downstream procurement. For PP, the supply - side contraction is more obvious, and the demand side also shows cautious procurement due to price fluctuations and cost pressure [3]. 3. Summary According to Relevant Catalogs 3.1 Market News and Important Data - **Price and Basis**: The closing price of the L main contract is 8,677 yuan/ton (+261), and that of the PP main contract is 8,857 yuan/ton (+254). LL North China spot is 8,400 yuan/ton (+200), LL East China spot is 8,550 yuan/ton (+150), and PP East China spot is 8,800 yuan/ton (+200). LL North China basis is - 277 yuan/ton (-61), LL East China basis is - 127 yuan/ton (-111), and PP East China basis is - 57 yuan/ton (-54) [1]. - **Upstream Supply**: PE开工率 is 82.4% (-4.5%), and PP开工率 is 70.1% (-4.4%) [1]. - **Production Profit**: PE oil - based production profit is - 962.0 yuan/ton (-297.4), PP oil - based production profit is - 1002.0 yuan/ton (-297.4), and PDH - based PP production profit is - 1475.4 yuan/ton (+255.0) [1]. - **Imports and Exports**: LL import profit is - 721.8 yuan/ton (-100.0), PP import profit is - 1265.8 yuan/ton (+500.0), and PP export profit is 103.1 US dollars/ton (-64.4) [1]. - **Downstream Demand**: PE downstream agricultural film开工率 is 26.8% (+8.0%), PE downstream packaging film开工率 is 43.4% (+3.1%), PP downstream plastic weaving开工率 is 40.5% (+2.9%), and PP downstream BOPP film开工率 is 61.3% (+1.7%) [2]. 3.2 Market Analysis - **PE**: The supply is tightening as more domestic refineries are under maintenance or production cuts, and import resources are expected to be weak. The demand side has an overall increase in downstream开工率, but the profit of agricultural film is under pressure due to rising raw material costs, and the increase in开工率 does not meet expectations. The packaging film mainly replenishes inventory on a rigid - demand basis, and downstream procurement is cautious [3]. - **PP**: The supply - side contraction is more obvious, with more preventive production cuts in upstream enterprises and a continuous increase in the expected maintenance loss in March - April. The PDH device maintenance peak continues due to the tightening of propane supply. The downstream开工率 is gradually rising, but procurement is cautious due to price fluctuations and cost pressure [3]. 3.3 Strategy - **Unilateral**: Cautiously go long on LLDPE and PP for hedging [4]. - **Inter - period**: Go long on the L05 - 09 and PP05 - 09 spreads at low prices [4]. - **Inter - variety**: No strategy provided [4].

流动性日报 | 2026-03-17 市场流动性概况 农产品板块成交4862.74亿元，较上一交易日变动-9.72%；持仓金额6760.88亿元，较上一交易日变动+0.65%；成交 持仓比为70.77%。 黑色建材板块成交2050.22亿元，较上一交易日变动-15.92%；持仓金额3208.55亿元，较上一交易日变动-1.23%；成 交持仓比为59.43%。 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 2026-03-16，股指板块成交8480.09亿元，较上一交易日变动+13.75%；持仓金额15686.76亿元，较上一交易日变动 +1.65%；成交持仓比为53.69%。 国债板块成交3710.97亿元，较上一交易日变动+38.08%；持仓金额8515.82亿元，较上一交易日变动+1.43%；成交 持仓比为42.92%。 基本金属板块成交5860.05亿元，较上一交易日变动+13.54%；持仓金额6662.81亿元，较上一交易日变动+0.33%； 成交持仓比为98.75%。 贵金属板块成交7719.98亿元，较上一交易日变动+23.15%；持仓金额4991.43亿元，较上一交易日 ...

1. Index Trends - On March 16, the Shanghai Composite Index fell by 0.26% to close at 4084.79 points, with a trading volume of 1037.224 billion yuan. The Shenzhen Component Index rose by 0.19% to close at 14307.58 points, with a trading volume of 1288.107 billion yuan [1]. - The CSI 1000 Index fell by 0.04% with a trading volume of 489.125 billion yuan. Its opening price was 8212.27, closing price was 8211.35, the highest price of the day was 8226.03, and the lowest price was 8089.49 [1]. - The CSI 500 Index fell by 0.66% with a trading volume of 460.797 billion yuan. Its opening price was 8227.69, closing price was 8185.15, the highest price of the day was 8233.66, and the lowest price was 8060.78 [1]. - The SSE 50 Index fell by 0.09% with a trading volume of 143.862 billion yuan. Its opening price was 2952.42, closing price was 2954.09, the highest price of the day was 2955.0, and the lowest price was 2927.94 [1]. - The SSE 300 Index rose by 0.05% with a trading volume of 598.799 billion yuan. Its opening price was 4669.22, closing price was 4671.56, the highest price of the day was 4673.69, and the lowest price was 4621.81 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index decreased by 2.94 points compared to the previous closing price. Sectors such as electronics, computer, and national defense and military industry had a significant upward pull on the index, while sectors like basic chemicals, power equipment, and non - ferrous metals had a downward pull [3]. - The CSI 500 Index decreased by 54.65 points compared to the previous closing price. The electronics sector had an upward pull on the index, while power equipment, basic chemicals, and non - ferrous metals had a downward pull [3]. - The SSE 300 Index increased by 2.42 points compared to the previous closing price. Sectors such as electronics, food and beverage, and communication had an upward pull on the index, while construction decoration, basic chemicals, and non - ferrous metals had a downward pull [3]. - The SSE 50 Index decreased by 2.76 points compared to the previous closing price. Sectors such as food and beverage, electronics, and banks had an upward pull on the index, while basic chemicals, non - bank finance, and non - ferrous metals had a downward pull [3]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis of IM00 was - 23.32, IM01 was - 92.02, IM02 was - 260.35, and IM03 was - 468.87 [13]. - For IC contracts, the average daily basis of IC00 was - 17.65, IC01 was - 63.43, IC02 was - 195.77, and IC03 was - 361.05 [13]. - For IF contracts, the average daily basis of IF00 was - 9.86, IF01 was - 27.29, IF02 was - 80.65, and IF03 was - 157.08 [13]. - For IH contracts, the average daily basis of IH00 was - 0.27, IH01 was - 2.68, IH02 was - 9.56, and IH03 was - 47.77 [13].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the iron ore market is supported by factors such as the BHP restriction disturbance, the expectation of resumption of production and replenishment of inventory, and the increase in shipping costs due to the tense international situation. In the short - term, it will maintain a volatile and upward - trending operation. The overall supply pressure still exists, while the demand is expected to increase after the end of important meetings, with the iron water output having the potential to rise. The port inventory remains at a high level, and the steel mill inventory is at a low level. The recommended strategy is a volatile rebound [4][5]. 3. Summary by Directory Price - The spot price of iron ore shows a volatile rebound [6]. - As of March 16, 2026, the spot price of Karara powder was 948, up 39 from last week, with the discounted futures price at 898, up 42 from last week; the spot price of PB powder was 792, up 15 from last week, with the discounted futures price at 842, up 16 from last week; the spot price of Super Special powder was 672, up 10 from last week, with the discounted futures price at 873, up 11 from last week. The high - medium grade spread was 156, and the medium - low grade spread was 120. The optimal delivery product was 62.5 Newman powder [28]. Spread - The spread between high - and medium - grade ores widened, while the spread between medium - and low - grade ores slightly shrank. The spread between PB powder and Macfarlane powder slightly increased [11][15]. - The 5 - 9 spread rebounded from a low level, and the basis of the 05 contract slightly declined [19]. - The ratio of steel to iron ore slightly declined from a low level, and the ratio of iron ore to coking coal slightly rebounded from a high level [29]. Supply - From March 9 to March 15, the global iron ore shipping volume was 3.0488 million tons, a week - on - week increase of 151,000 tons. The shipping volume from Australia was 1.8753 million tons, a week - on - week increase of 122,100 tons; the shipping volume from Brazil was 571,600 tons, a week - on - week decrease of 2,900 tons; the shipping volume of non - mainstream ores was 1.0925 million tons, a week - on - week increase of 64,600 tons. The arrival volume at 45 ports in China was 2.215 million tons, a week - on - week decrease of 394,900 tons [4]. - As of March 13, the daily average output of iron concentrate from 186 domestic mines was 46,110 tons, a week - on - week increase of 7,500 tons, with a capacity utilization rate of 59%, a week - on - week increase of 0.95%. The inventory of mine concentrate was 89,280 tons, a week - on - week decrease of 4,790 tons [4]. - The shipping volume of FMG to China increased significantly, and that of BHP increased slightly. The shipping volume of RT decreased slightly, and that of VALE increased slightly. The shipping volume of Australian ore to China increased slightly, while that of Brazilian ore decreased slightly [39][43][47]. - The shipping cost continued to rise, and the arrival volume decreased and remained at a medium level [51][55]. Demand - In the week of March 13, the daily average iron water output was 221,200 tons, a week - on - week decrease of 63,900 tons. After the end of important meetings, the resumption of blast furnaces in steel mills was mostly concentrated at the end of the research period, and the increase in iron water output is expected to be reflected next week. As steel mills gradually resume production, there is a rigid demand for raw material ore procurement [4]. - The profit of steel mill blast furnaces slightly declined [64]. Inventory - The inventory of imported ores increased slightly this period. The number of ships at the port decreased by 2 to 110. The congestion at the port decreased slightly, the arrival volume decreased, the port clearance volume increased slightly, the port inventory increased slightly, and the steel mill inventory decreased slightly, maintaining a low - inventory strategy [4]. - The inventory of Australian ore at 45 ports increased from a high level, while the inventory of Brazilian ore decreased slightly. The inventory of coarse powder remained at a high level, and the inventory of lump ore decreased slightly. The steel mill inventory remained at a low level [83][91][99].