| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,263 | +15↑ HC 主力合约持仓量(手) | 1274085 | -20441↓ | | | HC 合约前20名净持仓(手) | 22,252 | -6347↓ HC5-10合约价差(元/吨) | -19 | +4↑ | | | HC 上期所仓单日报(日，吨) | 132188 | 0.00 HC2605-RB2605合约价差(元/吨) | 152 | +8↑ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,300.00 | +10.00↑ 广州 4.75热轧板卷(元/吨) | 3,250.00 | 0.00 | | | 武汉 4.75热轧板卷(元/吨) | 3,320.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,160.00 | -10.00↓ | | | HC主力合约基差(元/吨) | 37.00 | -5.00↓ 杭州热卷-螺纹钢价差(元/吨) | ...

格隆汇12月29日丨山西焦化(600740.SH)在互动平台表示，公司主要销售产品有冶金焦、甲醇、工业 萘、煤焦油、焦化苯、改质沥青、炭黑等，截止目前公司没有天然气产品销售。 ...

格隆汇12月29日丨山西焦化(600740.SH)公布，主要产品有冶金焦、甲醇、工业萘、煤焦油、焦化苯、 改质沥青、炭黑等，截止目前公司未生产天然气。 ...

螺纹钢产业链日报 2025/12/23 | 项目类别 | | 数据指标 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,128.00 | +2↑ RB主力合约持仓量(手) | 1580041 | -11933↓ | | | RB合约前20名净持仓(手) | -10902 | -1364↓ RB1-5合约价差(元/吨) | -12 | -14↓ | | | RB上期所仓单日报(日，吨) | 82284 | 0.00 HC2605-RB2605合约价差(元/吨) | 153 | +2↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,330.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,415 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,170.00 | 0.00 | | | RB 主力合约基差 (元/ ...

1. Report Industry Investment Rating - The report suggests a bullish but volatile outlook for the hot-rolled coil plate market, with a recommended focus on risk control [2] 2. Core Viewpoint of the Report - On Tuesday, the HC2605 contract saw a rally followed by a pullback. Despite a decline in the terminal demand for plates, the strong performance of furnace materials provides cost support. Additionally, positive macro - policy expectations keep the hot - rolled coil futures price in an upward trend [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,281 yuan/ton, up 4 yuan; the position volume is 1,198,397 lots, up 9,846 lots; the net position of the top 20 in the HC contract is 24,516 lots, up 718 lots; the HC1 - 5 contract spread is - 1 yuan/ton, down 6 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 131,893 tons, unchanged; the HC2605 - RB2605 contract spread is 153 yuan/ton, up 2 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coil plates in Hangzhou is 3,320 yuan/ton, up 20 yuan; in Guangzhou it's 3,260 yuan/ton, unchanged; in Wuhan it's 3,330 yuan/ton, unchanged; in Tianjin it's 3,180 yuan/ton, unchanged. The basis of the HC main contract is 39 yuan/ton, up 16 yuan; the Hangzhou hot - rolled coil - rebar spread is - 10 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 792 yuan/wet ton, down 5 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,590 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel is 2,160 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,950 yuan/ton, unchanged. The 45 - port iron ore inventory is 155.0814 million tons, up 802,800 tons; the sample coking plant coke inventory is 517,800 tons, up 18,200 tons; the sample steel mill coke inventory is 6.3358 million tons, down 16,400 tons; the Hebei billet inventory is 1.1313 million tons, up 14,800 tons [2] 3.4 Industry Situation - The 247 - steel - mill blast furnace operating rate is 78.45%, down 0.16 percentage points; the blast furnace capacity utilization rate is 84.91%, down 0.99 percentage points. The sample steel mill hot - rolled coil output is 2.9191 million tons, down 168,000 tons; the sample steel mill hot - rolled coil capacity utilization rate is 74.57%, down 4.29 percentage points. The sample steel mill hot - rolled coil inventory is 834,200 tons, down 6,100 tons; the 33 - city hot - rolled coil social inventory is 3.073 million tons, down 57,600 tons. The domestic crude steel output is 6.987 million tons, down 213,000 tons; the steel net export volume is 948,000 tons, up 20,000 tons [2] 3.5 Downstream Situation - The monthly automobile production is 3.5316 million units, up 172,900 units; the monthly automobile sales are 3.429 million units, up 106,900 units. The monthly air - conditioner output is 15.026 million units, up 822,000 units; the monthly household refrigerator output is 9.442 million units, up 654,000 units; the monthly household washing - machine output is 12.013 million units, up 978,000 units [2] 3.6 Industry News - The central bank has announced a one - time credit repair policy for small - amount personal overdue information (single - amount below 10,000 yuan) within a specific period, applicable to credit cards, mortgages, and consumer loans. In November 2025, most categories of Chinese steel exports rebounded month - on - month, with a rotation in the export structure. The export of coated plates, which had led for months, declined 13.7% month - on - month to 1.753 million tons, while hot - rolled exports rebounded to the first place in monthly export volume [2]

Report Summary 1. Report Industry Investment Rating - The report gives a view of "oscillating on the upside with attention to risk control" for the RB2605 contract of rebar [2]. 2. Core View - On Monday, the RB2605 contract fluctuated strongly. Macroscopically, the State Council executive meeting arranged the implementation of the decisions and deployments of the Central Economic Work Conference, requiring to accelerate the formulation of specific implementation plans and ensure a good start for the "14th Five - Year Plan". In terms of supply and demand, the weekly output of rebar increased slightly this period, with a capacity utilization rate of 39.83% and an expanding year - on - year decline; apparent demand increased slightly and inventory continued to decline. Overall, in the off - season of consumption, the supply and demand of rebar are both weak, but the rebound of furnace materials raises the cost. Coupled with low production and low inventory of rebar, it supports the steel price. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are running above the 0 - axis with a stable red column [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the RB main contract is 3,126 yuan/ton, up 7 yuan; the trading volume is 1,591,974 lots, up 23,108 lots; the net position of the top 20 in the RB contract is - 9,538 lots, down 20,860 lots; the spread between RB1 - 5 contracts is 2 yuan/ton, up 1 yuan; the daily warehouse receipt of the RB on the SHFE is 82,284 tons, unchanged; the spread between HC2605 - RB2605 contracts is 151 yuan/ton, up 1 yuan [2]. b. Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,330 yuan/ton, up 10 yuan; the price in Hangzhou (actual weight) is 3,415 yuan/ton, up 10 yuan; the price in Guangzhou (theoretical weight) is 3,510 yuan/ton, unchanged; the price in Tianjin (theoretical weight) is 3,170 yuan/ton, unchanged. The basis of the RB main contract is 204 yuan/ton, up 3 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou is - 20 yuan/ton, up 10 yuan [2]. c. Upstream Situation - The price of 61.5% PB fines at Qingdao Port is 797 yuan/wet ton, up 1 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) is 1,590 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,160 yuan/ton, unchanged; the price of Q235 billets in Hebei is 2,950 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 155.0814 million tons, up 0.8028 million tons; the inventory of coke at sample coking plants is 517,800 tons, up 18,200 tons [2]. d. Industry Situation - The inventory of coke at sample steel mills is 6.3358 million tons, down 16,400 tons; the inventory of billets in Tangshan is 1.1313 million tons, up 14,800 tons. The blast furnace operating rate of 247 steel mills is 78.45%, down 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills is 84.91%, down 0.99 percentage points. The output of rebar at sample steel mills is 1.8168 million tons, up 29,000 tons; the capacity utilization rate of rebar at sample steel mills is 39.83%, up 0.64 percentage points. The inventory of rebar at sample steel mills is 1.3954 million tons, down 12,600 tons; the social inventory of rebar in 35 cities is 3.13 million tons, down 257,000 tons. The operating rate of independent electric arc furnace steel mills is 69.79%, up 1.04 percentage points; the domestic crude steel output is 69.87 million tons, down 2.13 million tons; the monthly output of Chinese rebar is 1.434 million tons, up 59,000 tons; the net export volume of steel is 948,000 tons, up 20,000 tons [2]. e. Downstream Situation - The national real estate climate index is 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment completion is - 2.60%, down 0.90 percentage points; the cumulative year - on - year growth rate of real estate development investment completion is - 15.90%, down 1.20 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment is - 1.10%, down 1.00 percentage points. The cumulative value of housing construction area is 6.56066 billion square meters, down 31.27 million square meters; the cumulative value of new housing construction area is 534.57 million square meters, down 43.95 million square meters; the inventory of commercial housing for sale is 393.61 million square meters, up 2.84 million square meters [2]. f. Industry News - The third round of the fifth batch of 10 central ecological and environmental protection inspection teams were stationed in Beijing, Tianjin, Hebei and 5 central enterprises from November 16 - 19, 2025, and carried out special inspections on the ecological and environmental protection of the Grand Canal in 8 provinces and cities, and recently completed the on - site inspection stage. On December 19, some steel mills in Hebei and Tianjin proposed a third - round price cut for coke, with a 50 - yuan/ton cut for wet - quenched coke and a 55 - yuan/ton cut for dry - quenched coke, to be implemented at zero o'clock on December 22, 2025, and it is expected that the third - round price cut for coke will be fully implemented on Monday [2].

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 螺纹钢产业链日报 2025/12/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,125.00 | +41↑ RB主力合约持仓量(手) | 1575943 | -28786↓ | | | RB合约前20名净持仓(手) | 40134 | +13027↑ RB1-5合约价差(元/吨) | 1 | -10↓ | | | RB上期所仓单日报(日，吨) | 78665 | +8↑ HC2605-RB2605合约价差(元/吨) | 152 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,320.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,405 | +21↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,510.00 | +20↑ 天津 HRB400E 20 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,245 | -1↓ HC 主力合约持仓量(手) | 1199948 | -6813↓ | | | HC 合约前20名净持仓(手) | 35,463 | +1350↑ HC1-5合约价差(元/吨) | 10 | +2↑ | | | HC 上期所仓单日报(日，吨) | 131304 | 0.00 HC2605-RB2605合约价差(元/吨) | 161 | -4↓ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,280.00 | 0.00 广州 4.75热轧板卷(元/吨) | 3,260.00 | 0.00 | | | 武汉 4.75热轧板卷(元/吨) | 3,330.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,180.00 | 0.00 | | | HC主力合约基差(元/吨) | 35.00 | +1.00↑ 杭州热卷-螺纹钢价差(元/吨) | -20.00 | 0 ...

国信期货研究所 供需平稳成本支撑不足 螺纹震荡运行 ----国信期货螺纹钢周报 1 螺纹钢期货行情回顾 2025年12月14日 国信期货研究所 2 期货市场环境：宏观、比价、基差 3 螺纹钢供需概况 4 后市展望 国信期货研究所 第 P a 一部 r 分 t1 螺纹钢期货行情回顾 目 录 CONTENTS 1.1 近期重要信息概览 国信期货研究所 经济数据 政策信息 数据来源：WIND 国信期货 Mysteel 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1. 国家统计局公布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。从分类指数看， 在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数位于临界点，新订单指数、原材料库存指数和从业人员 指数均低于临界点。生产指数为50.0%，比上月上升0.3个百分点，位于临界点，表明制造业生产总体稳定。新订单指数为49.2%，比上月 上升0.4个百分点，表明制造业市场需求景气水平有所改善。原材料库存指数为47.3%，与上月持平，低于临界点，表明制造业主要原材 料库存量继续减少。 ...

密集宏观事件落地，虽未有超预期 增量政策，但建议偏乐观看待 0755-23375161 chenzy@wkqh.cn 从业资格号：F03098415 交易咨询号：Z0020771 陈张滢（黑色建材组） 锰硅周报 2025/12/13 CONTENTS 目录 01 周度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 06 图形走势 产业链示意图 01 周度评估及策略推荐 周度要点小结 ◆ 天津6517锰硅现货市场报价5700元/吨，环比-20元/吨；期货主力（SM603）收盘报5730元/吨，环比-28元/吨；基差160元/吨，环比+8元/吨， 基差率2.74%，处于历史统计值的偏高水平。 ◆ 利润：锰硅测算即期利润（不含折旧等费用）维持低位，内蒙-551元/吨，环比+27元/吨；宁夏-707元/吨，环比-42元/吨；广西-671元/吨， 环比+76元/吨。（利润为测算值，仅供参考） ◆ 成本：测算内蒙锰硅即期成本（不含折旧等费用)在6071元/吨，环比-37元/吨；宁夏在6187元/吨，环比+2元/吨；广西在6271元/吨，环比- 26元/吨。（成本为测算值，仅供参考） ◆ 供 ...