上述钢材加工企业面临的困境具有典型性，销售端"以销定产"与采购端"随行就市"的天然矛盾，叠加招 投标流程的时间差，常使其经营暴露于价格风险中。该企业曾因不敢保留原料敞口而频繁被动采购，既 难以锁定利润，又面临现金流紧张的窘境。与此同时，在华东地区，同行对期货工具的成熟应用，让螺 纹钢、热卷期货价格逐渐成为产业链定价基准，虚拟库存、基差交易等创新模式在江浙沪企业中逐渐流 行。 上述企业以往从未参与过期货相关交易，对期货了解较少，但也希望通过期货对冲采购端价格波动风 险，稳定原料成本，积累风险管理经验。针对企业"锁定加工利润、规避原料涨价风险"的核心诉求，华 安期货设计出一套热卷期货主力合约买入套保方案，通过相关衍生工具帮助企业对冲现货价格上行风 险，降低企业保值成本。 经测算，唐山Q235热卷现货价格与期货价格的半年相关系数为0.97，一年相关系数为0.90，完全满足套 保有效性要求。根据华安期货设计的方案，当后期价格上涨时，期货端的盈利可以对冲原料采购成本的 增加；当价格下跌时，原材料采购成本降低，可以弥补期货端的亏损。 当前国内钢材加工行业集中度提升，部分大型钢材加工终端企业寻求利用衍生工具帮助采购端降本增 ...

转自：云南日报 在QSP—DUE热轧带钢生产车间，火红的钢坯经过加热炉、过粗轧、进精轧，在火与水的淬炼之后，成 为成品钢卷，整齐堆垛。整个过程智能化、自动化，只有两三位工人在车间中巡检设备。该生产线是从 意大利达涅利公司引进的世界首个高架式QSP连铸连轧带钢生产线，能够以无头模式生产超薄规格产 品，以单块模式生产厚规格产品，实现厚度范围0.8—25.4毫米热轧产品的全覆盖，满足客户对各种规 格、种类、性能钢材产品的实际需求。 通过信息化、智能化手段实现大型设备的互联互通，玉昆钢铁实现了钢铁生产过程中的能耗管控、质量 管控，达到降本增效的目的。"目前，绿色钢铁已成为玉溪工业经济发展的又一个支柱。"玉溪市工业和 信息化局副局长孙汝国介绍，2025年11月，投资237亿元的云南玉昆钢铁产能置换升级改造项目竣工投 产，标志着企业实现了从传统钢铁企业向智能化钢铁企业的新跨越，也意味着玉溪市在推动建设现代化 产业体系、巩固壮大实体经济根基上迈出了新步伐。 孙汝国表示，玉溪市将推进实施包括绿色钢铁在内的"绿色制造业倍增行动"，延伸打造绿色钢铁产业 链，力争"十五五"期间绿色钢铁产业实现规上工业产值1152亿元、增加值128 ...

钢材价格略有波动，其中高速线材、螺纹钢每吨3558元和3361元，分别上涨0.3%和0.1%，普通中板、 热轧带钢每吨3645元和3500元，均下降0.2%。 煤炭价格以降为主，其中动力煤、炼焦煤每吨777元、1052元，分别下降0.5%和0.3%，无烟块煤每吨 1160元，上涨0.1%。 基础化学原料价格略有下降，其中聚丙烯、甲醇、纯碱、硫酸分别下降0.6%、0.5%、0.5%和0.4%。 成品油批发价格小幅下降，其中0号柴油、95号汽油、92号汽油分别下降1.6%、1.3%和1.3%。 商务大数据显示，12月22日至28日，全国生产资料市场价格比前一周（环比，下同）上涨0.1%。 生产资料市场：有色金属价格小幅回升，其中铜、铝分别上涨3.1%和0.8%，锌与前一周基本持平。 橡胶价格继续上涨，其中合成橡胶、天然橡胶分别上涨0.6%和0.2%。 化肥价格略有上涨，其中尿素、三元复合肥分别上涨0.3%和0.1%。 ...

News Summary Core Viewpoint - The steel market is experiencing fluctuations due to production adjustments and seasonal demand changes, with potential impacts on pricing and inventory levels [1][2]. Group 1: Production and Supply - Shanxi Jianlong's 850mm hot-rolled steel line has begun maintenance on December 29, with a planned downtime of 36 days, expected to reduce daily hot-rolled steel output by 0.5 million tons [1]. - The hot-rolled steel inventory has significantly decreased, primarily due to production cuts, although there are concerns that demand may decline more sharply than production reductions [2]. Group 2: Market Prices - On December 31, the market price for hot-rolled coils in Tangshan dropped by 10, with mainstream prices for 4.75-11.75*1500*C hot coils ranging from 3170 to 3190, and manganese coils priced between 3290 and 3310 [1]. Group 3: Futures Market - As of December 30, the top 20 futures companies held a total of 1.1351 million long positions and 1.0915 million short positions in hot-rolled futures, resulting in a long-to-short ratio of 1.04, with a net position decrease of 0.0436 million contracts compared to the previous day [1]. Group 4: Analyst Insights - Nanhua Futures notes that while hot-rolled steel consumption has improved month-on-month, export controls may affect the sustainability of demand, and seasonal slowdowns are impacting end-user demand [2]. - Zhengxin Futures indicates that while policy expectations are supporting the market, the recovery in blast furnace capacity utilization and seasonal demand slowdown are weakening the supply-demand structure, suggesting that prices may have room for adjustment [2].

化肥价格略有波动，其中三元复合肥上涨0.2%，尿素下降0.1%。 钢材价格与前一周基本持平，其中螺纹钢、高速线材、热轧带钢每吨3358元、3547元和3508元，均上涨 0.1%，普通中板、焊接钢管、槽钢每吨3652元、3700元和3560元，均下降0.1%。 基础化学原料价格小幅波动，其中硫酸、甲醇分别上涨2.9%和0.1%，聚丙烯、纯碱分别下降1.2%和 0.5%。 商务大数据显示，12月15日至21日，全国生产资料市场价格与前一周(环比，下同)基本持平。 成品油批发价格略有下降，其中0号柴油、95号汽油、92号汽油分别下降0.6%、0.2%和0.1%。 煤炭价格略有下降，其中炼焦煤、无烟块煤、动力煤每吨1055元、1159元和781元，分别下降0.6%、 0.4%和0.3%。 有色金属价格以跌为主，其中铝、铜分别下降0.4%和0.1%，锌上涨0.1%。 橡胶价格略有上涨，其中天然橡胶、合成橡胶分别上涨0.5%和0.1%。 ...

商务大数据显示，12月15日至21日，全国食用农产品市场价格比前一周(环比，下同)上涨0.2%，生产资 料市场价格与前一周基本持平。 生产资料市场：成品油批发价格略有下降，其中0号柴油、95号汽油、92号汽油分别下降0.6%、0.2%和 0.1%。煤炭价格略有下降，其中炼焦煤、无烟块煤、动力煤每吨1055元、1159元和781元，分别下降 0.6%、0.4%和0.3%。有色金属价格以跌为主，其中铝、铜分别下降0.4%和0.1%，锌上涨0.1%。化肥价 格略有波动，其中三元复合肥上涨0.2%，尿素下降0.1%。钢材价格与前一周基本持平，其中螺纹钢、 高速线材、热轧带钢每吨3358元、3547元和3508元，均上涨0.1%，普通中板、焊接钢管、槽钢每吨 3652元、3700元和3560元，均下降0.1%。基础化学原料价格小幅波动，其中硫酸、甲醇分别上涨2.9% 和0.1%，聚丙烯、纯碱分别下降1.2%和0.5%。橡胶价格略有上涨，其中天然橡胶、合成橡胶分别上涨 0.5%和0.1%。 食用农产品市场：6种水果平均批发价格小幅上涨，其中西瓜、葡萄、香蕉分别上涨3.5%、2.6%和 1.6%。禽产品批发价格略有上涨，其 ...

商务大数据显示，11月份，全国生产资料市场价格环比上涨1.3%。 从主要品种来看： 化肥价格环比下降0.7%，同比下降7.3%，其中，尿素环比下降0.8%，三元复合肥与上月基本持平。 成品油价格环比下降1.7%，同比下降6.6%，其中，95号汽油、92号汽油、0号柴油环比分别下降2.2%、 2.2%和1.3%。 煤炭价格环比上涨2.6%，同比下降8.4%，其中，动力煤、炼焦煤、二号无烟块煤环比分别上涨3.0%、 2.8%和1.0%。 有色金属价格环比上涨2.2%，同比上涨7.7%，其中，铝、铜、锌环比分别上涨2.7%、1.9%和1.9%。 钢材价格环比下降0.5%，同比下降8.8%，其中，普通中板、焊接钢管、热轧带钢环比分别下降1.3%、 1.3%和1.2%。 ...

Agricultural Products Market - The national market price of edible agricultural products increased by 0.7% from the previous week, while production material prices rose by 0.1% [1] - The average wholesale price of 30 types of vegetables reached 6.03 yuan per kilogram, up by 1.3%, with notable increases in eggplant (8.4%), tomato (7.5%), and winter melon (5.8%) [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, banana, and grape rising by 4.3%, 3.1%, and 0.8% respectively [1] - Poultry product prices experienced minor increases, with white-feathered chicken and eggs rising by 0.2% and 0.1% respectively [1] - Wholesale prices of aquatic products remained stable, with slight increases in certain fish types, while others saw minor declines [1] - Grain and oil wholesale prices showed slight fluctuations, with rice, rapeseed oil, and soybean oil increasing by 0.2%, 0.1%, and 0.1% respectively, while peanut oil decreased by 0.2% [1] - Meat wholesale prices saw a slight decline, with pork priced at 18.00 yuan per kilogram, down by 0.2%, and lamb and beef decreasing by 0.3% and 0.1% respectively [1] Production Material Market - Basic chemical raw material prices experienced a slight increase, with sulfuric acid rising by 1.7%, while methanol, soda ash, and polypropylene saw declines of 0.5%, 0.3%, and 0.3% respectively [2] - Prices of non-ferrous metals predominantly increased, with copper and zinc rising by 1.4% and 0.8%, while aluminum decreased by 0.3% [2] - Rubber prices showed slight increases, with natural rubber and synthetic rubber rising by 0.9% and 0.1% respectively [2] - Fertilizer prices experienced minor fluctuations, with compound fertilizer increasing by 0.3% and urea decreasing by 0.1% [2] - Coal prices saw slight declines, with coking coal, thermal coal, and anthracite priced at 1061 yuan, 783 yuan, and 1164 yuan per ton, down by 0.7%, 0.3%, and 0.2% respectively [2] - Steel prices generally decreased, with rebar, high-speed wire rod, and hot-rolled strip priced at 3354 yuan, 3545 yuan, and 3505 yuan per ton, down by 0.5%, 0.4%, and 0.3% respectively [2] - Wholesale prices of refined oil showed slight declines, with 0 diesel, 92 gasoline, and 95 gasoline decreasing by 0.6%, 0.2%, and 0.2% respectively [2]

Price Trends Overview - National production material market prices increased by 0.1% from December 8 to 14 compared to the previous week [1] Chemical Raw Materials - Basic chemical raw material prices saw a slight increase, with sulfuric acid rising by 1.7%, while methanol, soda ash, and polypropylene decreased by 0.5%, 0.3%, and 0.3% respectively [1] Non-Ferrous Metals - Prices of non-ferrous metals predominantly increased, with copper and zinc rising by 1.4% and 0.8% respectively, while aluminum decreased by 0.3% [1] Rubber Prices - Rubber prices experienced a slight increase, with natural rubber and synthetic rubber rising by 0.9% and 0.1% respectively [2] Fertilizer Prices - Fertilizer prices showed minor fluctuations, with compound fertilizer increasing by 0.3% and urea decreasing by 0.1% [3] Coal Prices - Coal prices saw a slight decline, with coking coal, thermal coal, and anthracite coal priced at 1061 yuan, 783 yuan, and 1164 yuan per ton, decreasing by 0.7%, 0.3%, and 0.2% respectively [3] Steel Prices - Overall steel prices decreased, with rebar, high-speed wire rod, and hot-rolled strip priced at 3354 yuan, 3545 yuan, and 3505 yuan per ton, declining by 0.5%, 0.4%, and 0.3% respectively [3] Refined Oil Prices - Wholesale prices of refined oil slightly decreased, with 0 diesel, 92 gasoline, and 95 gasoline dropping by 0.6%, 0.2%, and 0.2% respectively [4]

Group 1 - The national production material market prices increased by 1.0% from the previous week [1] - Non-ferrous metal prices saw slight increases, with copper, aluminum, and zinc rising by 4.1%, 1.9%, and 1.1% respectively [2] - Basic chemical raw material prices mainly increased, with sulfuric acid, methanol, and soda ash rising by 3.4%, 0.1%, and 0.1%, while polypropylene decreased by 0.2% [2] Group 2 - Steel prices generally increased, with rebar, high-speed wire, and hot-rolled strip steel priced at 3371 yuan, 3560 yuan, and 3517 yuan per ton, all up by 0.7% [2] - Fertilizer prices saw slight increases, with compound fertilizer and urea rising by 0.3% and 0.2% respectively [2] - Wholesale prices of finished oil remained stable, with 0 diesel decreasing by 0.2%, while 92 gasoline and 95 gasoline increased by 0.2% and 0.1% respectively [2] Group 3 - Rubber prices experienced slight fluctuations, with natural rubber decreasing by 0.3% and synthetic rubber increasing by 0.1% [2] - Coal prices showed a slight decline, with thermal coal, anthracite, and coking coal priced at 785 yuan, 1166 yuan, and 1068 yuan per ton, decreasing by 0.5%, 0.2%, and 0.1% respectively [2]