（来源：信德海事） 2026年1月17日11时48分，浙江舟山市嵊泗县马迹山港汽笛长鸣，韦立国际集团自有20万吨级散货船"韦立青年"轮（MV WINNING YOUTH）稳稳靠泊于2 号码头。这艘历经46天远洋航程的船舶，成功将西芒杜铁矿项目首批近20万吨高品位铁矿石从几内亚马瑞巴亚港送达中国，标志着这座全球储量最大、品 质最高的绿地铁矿正式融入全球贸易体系，其"矿山—铁路—港口—航运—国内接收"全程供应链一体化通道全面贯通，为全球铁矿石航运及钢铁产业链格 局注入新动能。 图片来源：中国宝武 图片来源：韦力国际 船舶顺利抵港及高效周转，离不开多方协同保障。宝武资源所属嵊泗宝捷充分发挥口岸协调优势，提前与海关、边检、海事等联检单位深度对接，启动联 合登临检查机制，通过海事航道清障巡逻艇全程护航、海关无人机送样优化监管、边检线上通关简化流程等举措，实现船舶到港"零延迟查验""零等待作 业"。货轮稳泊后，红褐色铁矿石经卸船机抓取、传送带输送至堆取料场，首船中2.4万吨铁矿石将由宝武资源自有船舶"宝航16轮"转运至宝钢股份宝山基 地，形成"远洋运输—国内中转—钢厂直供"的闭环运作。 韦立国际集团常务副总裁孙思远强调， ...

黑色板块研发报告 铁矿石 2 月月报 2026 年 1 月 30 日 市场预期反复，矿价高位承压 第一部分 前言概要 黑色板块研发报告 铁矿石 2 月月报 2026 年 1 月 30 日 银河期货 第 1 页 共 18 页 第二部分 铁矿石市场数据回顾 图 1：普氏铁矿价格 图 2：PB 粉价格 70 100 130 160 190 220 250 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2021 2022 2023 2024 2025 2026 图 3：卡粉-PB 粉价差 图 4：PB 粉-超特粉价差 第 2 页 共 18 页 50 100 150 200 250 300 350 400 450 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2021 2022 2023 2024 2025 2026 500 700 900 1100 1300 1500 1700 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2021 2022 2023 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The steel market is in a slow season with limited demand support. Steel prices are expected to move sideways, and hot-rolled coil basis trading and futures-cash arbitrage can be considered. [2] - The prices of ferrosilicon and silicomanganese are expected to rebound due to improved market sentiment, but the fundamentals remain under pressure in the medium term. [3] - The coking coal and coke market is affected by the off-season and limited upward and downward drivers. After the first round of coke price increase, pay attention to selling opportunities on rallies. [5] - Iron ore prices are supported in the short term by the "restart + restocking" expectation but face long-term pressure from port inventories. [6] Group 3: Summary by Related Catalogs Futures Market - On January 29, the closing prices of far-month contracts RB2610, HC2610, 12609, J2609, and JM2609 were 3203.00, 3330.00, 779.00, 1791.50, and 1242.50 yuan/ton respectively, with varying increases. [1] - The closing prices of near-month contracts RB2605, HC2605, 12605, J2605, and JM2605 were 3157.00, 3308.00, 798.50, 1723.00, and 1165.00 yuan/ton respectively, also with varying increases. [1] - The cross-month spreads of RB2605 - 2610, HC2605 - 2610, 12605 - 2609, J2605 - 2609, and JM2605 - 2609 were -46.00, -22.00, 19.50, -68.50, and -77.50 yuan/ton respectively. [1] - The spreads/ratios/profits such as the coil - rebar spread, rebar - ore ratio, coal - coke ratio, rebar disk profit, and coking disk profit had specific values and changes on January 29. [1] Spot Market - On January 29, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billet, and the Platts Index were 3280.00, 3190.00, 3410.00, 2950.00, and 104.15 yuan/ton respectively, with corresponding changes. [1] - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - product spread, and Rizhao Port PB had specific values and changes on January 29. [1] - The spot prices of Qingdao Port super - special powder, etc. also had corresponding values and changes on January 29. [1] - The basis values of HC, RB, etc. and their changes on January 29 were provided. [1] Steel - The steel market is in a slow season with limited demand support. Steel prices are expected to move sideways. The actual resumption of production by steel mills may be slow. Traders are less willing to do open - position winter storage and are more suitable to participate through basis trading. Hot - rolled coil basis is favorable for futures - cash positions, and hot - rolled coil futures - cash arbitrage can be rolled. [2] Ferrosilicon and Silicomanganese - With the warming of market sentiment, the prices of ferrosilicon and silicomanganese are oscillating upwards. The demand is weak in the short term, and the supply is high in the medium term. The domestic macro - policy is favorable. In general, the short - term market sentiment dominates, and the prices may be strongly oscillating. [3] Coking Coal and Coke - The first round of coke price increase has finally landed, but the market is not optimistic about the future. The downstream procurement is cautious. The coking coal online auction has many unsuccessful bids. The futures market is affected by the relaxation of the "three red lines" for real - estate enterprises and the stock market rebound. The steel market is in a slow season, and the industry data is weak. The coal mine supply continues to recover, and the downstream has pre - Spring Festival restocking. The short - term first - round price increase and news drive the disk rebound, but pay attention to selling opportunities on rallies. [5] Iron Ore - The steel mill's in - plant inventory is low. The expectation of steel mill restart and pre - Spring Festival restocking supports the iron ore price in the short term. After the restocking expectation is fully digested, the port inventory pressure will be the source of pressure. The short - term pattern is oscillating strongly, but the medium - long - term pressure is obvious. [6]

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - The overall market sentiment is high, with coal and coke rebounding from low levels. Steel, iron ore, coking coal, and coke prices have all shown certain trends, and the market is affected by factors such as supply and demand, cost, and seasonal factors [1][2][6]. Summary by Related Catalogs Steel - **Market Analysis**: The futures market of steel was generally strong yesterday. The main contract of rebar futures closed at 3,157 yuan/ton, up 1.09%, and the main contract of hot-rolled coil closed at 3,308 yuan/ton, up 0.85%. The spot market had average to good transactions, mainly in futures-spot trading, while rigid demand purchases were weak, and prices rose following the futures market. The national building materials trading volume was 72,915 [1]. - **Supply and Demand Logic**: In the off-season, the overall contradiction in the steel market is limited, and production remains rigid. In terms of demand, as the Spring Festival approaches, the digestion speed of building materials in the market slows down, and the purchasing sentiment is weak, which significantly suppresses the demand for rebar. The demand for hot-rolled coils on the plate side is relatively stable, but the purchasing sentiment of downstream manufacturers is also cautious, and the actual driving effect on the demand for hot-rolled coils is limited. On the cost side, the warming sentiment of coal and coke has injected positive sentiment into the steel market, making the commodity sentiment warm up [1]. - **Strategy**: The unilateral strategy is to expect a volatile market, and there are no strategies for inter - period, inter - variety, futures - spot, and options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore was strong yesterday. In the spot market, the prices of mainstream imported iron ore varieties at Tangshan Port were strong. Traders' enthusiasm for quoting was average, and steel mills' purchases were mainly for rigid demand. The current spot market transactions were cold. The cumulative transaction volume of iron ore at major ports nationwide was 865,000 tons, a month - on - month decrease of 3.57%. The cumulative transaction volume of forward - looking spot was 1.33 million tons (9 transactions), a month - on - month increase of 12.71% (including 820,000 tons of mine sales). The average daily hot metal output of 247 steel mills this week was 2.2798 million tons, a month - on - month decrease of 120,000 tons. The total inventory of iron ore at 45 ports this period was 170.22 million tons, a month - on - month increase of 1.5% [2]. - **Supply and Demand Logic**: In terms of supply, high valuations stimulate shipments, and the supply release is relatively sufficient. In terms of demand, the profitability of steel mills has recovered in the short term, but the average daily hot metal output has decreased slightly this week. In terms of inventory, the port inventory has continued to hit new highs this week, but the liquidity of some port supplies has been locked, and the steel mills' inventory is still at a low level compared to the same period. Currently, the supply - demand contradiction of iron ore continues to intensify. With high global shipments at high valuations and the locking of the liquidity of some port supplies, the actual fundamentals of iron ore are better than the statistical data. High ore prices stimulate supply release. If the factors locking the liquidity are removed later, the port supplies will form a supply shock, so there is uncertainty in the long - term iron ore market. In the short term, steel mills are in the second half of the winter storage replenishment period, and it is expected that the support for raw material prices will gradually weaken, and the iron ore price will maintain a volatile operation. Later, attention should be paid to the progress of subsequent iron ore negotiations and the replenishment situation of steel mills [3]. - **Strategy**: The unilateral strategy is to short on rallies. There are no strategies for inter - period, inter - variety, futures - spot, and options trading [4]. Coking Coal and Coke - **Market Analysis**: The futures prices of coking coal and coke rose significantly yesterday. For coke, steel mills fully implemented the first - round price increase, with an increase of 50 - 55 yuan/ton. Recently, some coking plants in the northern region have been affected by environmental protection again, and their production has been restricted. For coking coal, the prices in the main production areas are strong. For imported Mongolian coal, the quotation of Mongolian coal is weakly stable, and the long - term contract price of Mongolian No. 5 raw coal is mostly around 1,000 - 1,020 yuan/ton [6]. - **Supply and Demand Logic**: For coke, the first - round price increase by steel mills has been implemented. Affected by environmental protection, the supply has tightened, and the pre - holiday replenishment is approaching the end. Generally speaking, the fundamentals of coke are relatively balanced. For coking coal, the production of clean coal has increased and the inventory has decreased, and the clean coal inventory is at a low level compared to the same period. As the Spring Festival approaches, there is an expectation of a marginal weakening of the short - term supply of coal. Coupled with the rebound of thermal coal prices, it provides support for coking coal prices. Later, attention should be paid to the profitability and replenishment actions of steel mills, and the market will continue to be volatile in the short term [6]. - **Strategy**: The strategy for coking coal and coke is to expect a volatile market. There are no strategies for inter - period, inter - variety, futures - spot, and options trading [6]. Thermal Coal - **Market Analysis**: In the origin, the number of coal mines that have stopped production after completing their monthly tasks in the main production areas has increased, and the supply has continued to shrink. The coal prices in the "Three Western" regions have generally shown an upward trend. The increase in the external purchase price of large groups has directly boosted the market sentiment. In addition, as the Spring Festival approaches, the replenishment demand of some terminals and platforms has been released, the number of coal - pulling trucks at some coal mines has increased, and the prices have risen slightly. Mine operators are mostly concerned about the future port trends and supply - demand changes. At the port, affected by the shrinkage of supply at the origin, the port shipping has been in a reverse situation. In addition, the current daily consumption has not decreased, and the port quotations have been firm. However, the downstream inquiries are few, and there is obvious resistance to high - priced coal, so the actual port transactions are few. Some people believe that the current upstream shipping is less, and it is difficult to replenish the stock after shipment. Coupled with the high daily consumption of power plants, they are continuously optimistic. However, it should be noted that the downstream demand has not been substantially improved, so some traders believe that it is not appropriate to be overly optimistic at present and should remain cautious. In the import market, the imported coal market has been affected by domestic factors and extreme weather in Indonesia, resulting in less arrival of resources and firm quotations [6]. - **Supply and Demand Logic**: Recently, some coal mines have stopped production after completing their monthly tasks, and the price has continued to rise under the shrinkage of supply. Moreover, the recent cold wave has led to a surge in downstream daily consumption, and it is expected that the coal price will stabilize this week. In the long - term, attention should be paid to the changes in the supply pattern and the consumption and replenishment of non - power coal [7]. - **Strategy**: No strategy is provided [7].

【现货】 主流矿粉现货价格：日照港（600017）PB粉+10至799元/湿吨，巴混+10至824元/湿吨，卡粉+10至890 元/湿吨。 【期货】 截止1月29日收盘，铁矿主力合约+1.78%(+14)，收于798.5元/吨。 【基差】 最优交割品为巴混。PB粉和卡粉仓单成本分别为855元和859元。主力合约巴混基差48元/吨。 【供给】 本期全球发运环比小幅回落，但仍处于历史同期高位水平。全球发运+48.5万吨至2978.3万吨。溴洲巴 西铁矿发运总量2394.3万吨，环比增加147.6万吨。溴洲发运量1837.4万吨，环比增加149.3万吨，其中溴 洲发往中国的量1487.6万吨，环比增加97.8万吨。巴西发运量556.8万吨，环比减少1.8万吨。45港口到港 量2530万吨，环比减少129.7万吨。 【库存】 截至1月29日，45港库存17022.26万吨，环比+255.73万吨；日均疏港量小幅下滑，到港量偏高水平下港 口库存延续累库。钢厂进口矿库存环比+579.77至9968.59万吨。 【观点】 昨日铁矿主力合约震荡偏强运行，商品普涨，市场情绪再度抬升。夜盘则震荡运行。基本面来看，供应 端，本期铁 ...

格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 30 日星期五 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 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。 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | 铁矿: | 【行情复盘】 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

| | 材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2026年1月30日 | | | 哥敏歌 | ZOOJOSSO | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 即值 | 涨跌 | 其左 | 单位 | | 螺纹钢现货 (华东) | 3260 | 3240 | 20 | 32 | | | 螺纹钢现货(华北) | 3170 | 3160 | 10 | -58 | | | 螺纹钢现货(华南) | 3290 | 3280 | 10 | 62 | | | 螺纹钢05合约 | 3157 | 3126 | 31 | 103 | | | 螺纹钢10合约 | 3203 | 3174 | 29 | 57 | | | 螺纹钢01合约 | 3228 | 3199 | 29 | 32 | | | 热卷现货 (华东) | 3290 | 3270 | 20 | -60 | 元/吨 | | 热卷现货 (华北) | 3180 | 3170 | 10 | -170 | | | 热卷现货(华南) ...

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01月30日08时22分 报告导读： 供需方面，本周247家样本钢厂螺纹产量小幅上升，表观需求环比回落，总库存继续回升，五大品种总产量小幅增加，库存继续继续增加，表观需求 环比回落。整体来看，目前市场整体处于消费淡季，产量、需求处于低位，库存从低位回升。央行下调再贷款再贴现利率在一定程度上提振市场信 心，未来仍有降准和降息的空间，不排除央行将很快行动。短线价格的上涨或主要因央行取消房企的 "三条红线"的要求所致。从技术面看，目前期 价在上下 100 元/吨的区间窄幅震荡，可能面临方向选择 操作建议： 多单轻仓持有，待期价回落至震荡区间下沿附近后再逢低加仓 ，中线交易。不可以追涨杀跌 二、铁矿石 报告导读： 请务必阅读文后重要声明 第 1 页，共 3 页 投资咨询系列报告 需求方面，本周247家样本钢厂螺纹产量小幅上升，表观需求环比回落，总库存继续回升，五大品种总产量小幅增加，库存继续增加，表观需求环比 回落。目前市场仍处于消费淡季，铁水产量大概率仍将沿着季节性趋势回落 ，上周 247 家样本钢厂铁水产量基本维持不变 。由于今年春节较晚 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core View - Not explicitly stated in the provided content. 3. Summary by Relevant Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder was priced at 795, up 10 daily and 4 weekly, with a discounted futures price of 850.9; PB powder was at 799, up 10 daily and 4 weekly, with a discounted futures price of 851.1; Mac powder was at 793, up 10 daily and unchanged weekly, with a discounted futures price of 866.1; Jinbuba powder was at 752, up 10 daily and 4 weekly, with a discounted futures price of 845.2; Mixed powder was at 730, up 6 daily and 2 weekly, with a discounted futures price of 868.2; Super special powder was at 682, up 12 daily and 10 weekly, with a discounted futures price of 903.0; Roy Hill powder was at 786, up 10 daily and 4 weekly, with a discounted futures price of 865.1 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend was at 830, up 10 daily and 4 weekly, with a discounted futures price of 837.4; Brazilian coarse IOC6 was at 763, up 10 daily and 4 weekly, with a discounted futures price of 837.0; Brazilian coarse SSFG was at 768, up 10 daily and 4 weekly [1]. - **Other Iron Ore**: Ukrainian concentrate was at 880, up 10 daily and 8 weekly; 61% Indian powder was at 741, up 10 daily and 4 weekly; Karara concentrate was at 885, up 10 daily and 9 weekly; KUMBA powder was at 858, up 10 daily and 4 weekly; 57% Indian powder was at 617, up 12 daily and 10 weekly; Atlas powder was at 725, up 6 daily and 2 weekly; Tangshan iron concentrate was at 982, up 6 daily and 6 weekly, with a discounted futures price of 869.0 [1]. Futures Market - **Dalian Commodity Exchange Contracts**: i2701 was at 765.5, up 13.0 daily and 8.5 weekly, with an inter - monthly spread of 13.5 and a change in inter - monthly spread of - 2.2 daily and 2.3 weekly; i2605 was at 798.5, up 15.5 daily and 12.0 weekly, with an inter - monthly spread of - 33.0 and a change in inter - monthly spread of - 4.7 daily and - 1.2 weekly; i2609 was at 779.0, up 14.5 daily and 9.5 weekly, with an inter - monthly spread of 19.5 and a change in inter - monthly spread of - 3.7 daily and 1.3 weekly [1]. - **Singapore Exchange Contracts**: FE01 was at 105.50, down 0.20 daily and up 0.11 weekly, with an inter - monthly spread of - 3.40 and a change in inter - monthly spread of - 3.0 daily and 0.4 weekly; FE05 was at 103.07, down 0.63 daily and 0.22 weekly, with an inter - monthly spread of 2.43 and a change in inter - monthly spread of - 0.1 daily and 1.9 weekly; FE09 was at 102.10, down 0.35 daily and up 0.03 weekly, with an inter - monthly spread of 0.97 and a change in inter - monthly spread of - 2.3 daily and - 1.0 weekly [1].

研究所 黑色研发报告 研究所 黑色研发报告 铁矿石日报 2026 年 01 月 29 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 765.5 | 752.5 | 13.0 | I01-I05 | -33.0 | -30.5 | -2.5 | | DCE05 | 798.5 | 783.0 | 15.5 | I05-I09 | 19.5 | 18.5 | 1.0 | | DCE09 | 779.0 | 764.5 | 14.5 | I09-I01 | 13.5 | 12.0 | 1.5 | | 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%) | 786 | 792 | -6 | 854 | 93 | 63 | 81 | | 纽曼粉 | 786 | 792 | -6 | 860 | 99 | 69 | 87 | | 麦克粉 | 785 | 789 | -4 | 867 | 10 ...