研究报告 铁矿周报 | 华龙期货投资咨询部 | | --- | | 投资咨询业务资格： | | 证监许可【2012】1087 号 | | 黑色板块研究员：魏云 | | 期货从业资格证号：F3024460 | | 投资咨询资格证号：Z0013724 | | 电话：17752110915 | | 邮箱：497976013@qq.com | | 年 月 日星期一 报告日期：2026 3 2 | 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 行情回顾：上周铁矿 2605 合约下跌 0.46%。 报告日期：2026 年 3 月 2 日星期一 基本面：上周 Mysteel 调研 247 家钢厂高炉开工率 80.22%， 环比增加 0.09%，同比增加 1.93%；高炉炼铁产能利用率 87.45%， 环比增加 1.05%，同比增加 1.87%；钢厂盈利率 39.83%，环比增 加 1.30%，同比减少 10.39%；日均铁水产量 233.28 万吨，环比 增加 2.79 万吨，同比增加 5.34 万吨。Mysteel 统计全国 45 个港口 进口铁矿石库存总量 17091.96 万吨，环比增 ...

研究报告 铁矿周报 | 华龙期货投资咨询部 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格： | | | | | | 号 证监许可【2012】1087 | | | | | | 黑色板块研究员：魏云 | | | | | | 期货从业资格证号：F3024460 | | | | | | 投资咨询资格证号：Z0013724 | | | | | | 电话：17752110915 | | | | | | 邮箱：497976013@qq.com | | | | | | 报告日期：2026 年 | 1 | 月 | 26 | 日星期一 | 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 行情回顾：上周铁矿 2605 合约上涨 1.21%。 基本面：据 Mysteel，上周 247 家钢厂高炉开工率 78.68%，环比减少 0.16%，同比增加 0.70% ；钢厂盈利率 40.69%，环比上周增加 0.86%，同 比去年减少 8.23%；日均铁水产量 228.1 万吨，环比增加 0.09 万吨，同比 增加 2.65 万吨。全国 45 个港口进口 ...

Core Viewpoint - The black commodity market has experienced significant price increases, driven by multiple factors including supply concerns and low valuation compared to other commodities [2][3]. Group 1: Price Movements - All black commodities saw substantial gains, with coking coal and coke contracts both rising by 7.98%, soda ash by 7.53%, glass by 6.1%, and iron ore by 4.09% [8]. - The recent surge in black commodities is attributed to a combination of supply adjustments and market sentiment [9]. Group 2: Supply Concerns - Yulin City plans to remove 26 coal mines from the supply guarantee list, reducing production capacity by 19 million tons. This raises concerns about a potential decline in coal supply as the Energy Bureau aims to classify unapproved mines as illegal by June 2025 [8]. - Since 2021, approximately 500 million tons of new coal production capacity has been added, with a significant portion lacking proper documentation, which could lead to a substantial reduction in coal supply if regulations are strictly enforced [8]. Group 3: Market Dynamics - The recent price increases in black commodities follow a period where other commodities, particularly non-ferrous metals, have been rising, leading to a perceived undervaluation of black commodities [8]. - The influx of traders into the market due to rising prices has created short-term resource tightness, further driving up spot prices and supporting continued price increases in futures [8][9].