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股指：

消(xiao)息面上，中國(guo)國(guo)務(wu)院副總理張國(guo)清近日表示(shi)，平臺經(jing)濟有利于提(ti)高全社會資(zi)源(yuan)配置(zhi)效率、發展新質生產力；要(yao)發揮(hui)在(zai)促創(chuang)新、擴消(xiao)費、穩就(jiu)業等方面的引領(ling)帶動作用，要(yao)堅決整(zheng)治(zhi)低(di)質低(di)價“內(nei)卷式”競爭、不合(he)理(li)設(she)置配送時限、不合(he)理(li)收費抽(chou)傭等問題。3月(yue)(yue)(yue)25日，商務(wu)部(bu)消(xiao)(xiao)費促進司司長(chang)(chang)李剛在商務(wu)部(bu)舉(ju)行(xing)(xing)的(de)專(zhuan)(zhuan)題新(xin)(xin)聞發(fa)布會上表示(shi)，將(jiang)在去(qu)年政(zheng)策(ce)(ce)基礎上，擴大消(xiao)(xiao)費品以舊(jiu)換新(xin)(xin)補貼范圍(wei)、加大補貼力(li)度、優(you)化(hua)服(fu)務(wu)措(cuo)施，更好(hao)發(fa)揮政(zheng)策(ce)(ce)效能。還將(jiang)加快推進內(nei)外貿一體(ti)(ti)化(hua)，促進外貿優(you)品消(xiao)(xiao)費；順應(ying)消(xiao)(xiao)費發(fa)展(zhan)(zhan)趨勢(shi)，培育國貨“潮品”消(xiao)(xiao)費增長(chang)(chang)點(dian)；開展(zhan)(zhan)汽車(che)流通(tong)消(xiao)(xiao)費改革試點(dian)，擴大汽車(che)后(hou)市場消(xiao)(xiao)費。　3月(yue)(yue)(yue)25日，國務(wu)院(yuan)國資(zi)委召開中(zhong)央企(qi)(qi)(qi)(qi)業(ye)“人工(gong)智(zhi)(zhi)能 ”媒(mei)體(ti)(ti)通(tong)氣會，介紹國資(zi)央企(qi)(qi)(qi)(qi)“AI ”專(zhuan)(zhuan)項行(xing)(xing)動有(you)關(guan)情(qing)況和接下來(lai)的(de)工(gong)作(zuo)部(bu)署。國務(wu)院(yuan)國資(zi)委規劃(hua)發(fa)展(zhan)(zhan)局有(you)關(guan)負責(ze)人表示(shi)，國務(wu)院(yuan)國資(zi)委將(jiang)繼續深化(hua)央企(qi)(qi)(qi)(qi)“AI ”專(zhuan)(zhuan)項行(xing)(xing)動，更加突(tu)出(chu)(chu)應(ying)用領航，更加突(tu)出(chu)(chu)數據賦(fu)能，更加突(tu)出(chu)(chu)智(zhi)(zhi)算(suan)筑基，深化(hua)與各方協同(tong)合(he)作(zuo)，為(wei)(wei)加快推動我國人工(gong)智(zhi)(zhi)能產業(ye)高質量發(fa)展(zhan)(zhan)作(zuo)出(chu)(chu)更大貢(gong)獻。海外方面，世界大型企(qi)(qi)(qi)(qi)業(ye)聯合(he)會(Conference Board)周二公布的(de)數據顯示(shi)，美(mei)國3月(yue)(yue)(yue)消(xiao)(xiao)費者信心指(zhi)(zhi)數為(wei)(wei)92.9，為(wei)(wei)2021年1月(yue)(yue)(yue)以來(lai)的(de)最低(di)(di)(di)水平，預(yu)測為(wei)(wei)94，前(qian)值為(wei)(wei)98.3。其中(zhong)，現狀(zhuang)指(zhi)(zhi)數下降(jiang)3.6點(dian)至134.5，預(yu)期指(zhi)(zhi)數下降(jiang)9.6點(dian)至65.2，為(wei)(wei)12年最低(di)(di)(di)水平，遠(yuan)低(di)(di)(di)于(yu)通(tong)常預(yu)示(shi)衰(shuai)退的(de)80點(dian)閾值。美(mei)國消(xiao)(xiao)費者信心指(zhi)(zhi)數在3月(yue)(yue)(yue)份驟(zou)降(jiang)至四年多來(lai)最低(di)(di)(di)，反映出(chu)(chu)家(jia)庭對未(wei)來(lai)可能出(chu)(chu)現的(de)經(jing)(jing)濟衰(shuai)退以及關(guan)稅引發(fa)通(tong)脹的(de)擔(dan)憂日益(yi)加劇。紐約(yue)聯邦(bang)儲備銀行(xing)(xing)總(zong)裁威廉姆斯表示(shi)，企(qi)(qi)(qi)(qi)業(ye)和家(jia)庭感受到(dao)經(jing)(jing)濟前(qian)景“不確定性加劇”。美(mei)聯儲理(li)事(shi)庫格勒表示(shi)，美(mei)聯儲的(de)利率政(zheng)策(ce)(ce)仍然(ran)具有(you)限制性，而(er)且處于(yu)良好(hao)位置，但自(zi)去(qu)年夏天以來(lai)，使通(tong)脹率回到(dao)2%目標的(de)進展(zhan)(zhan)已經(jing)(jing)放緩，最新(xin)(xin)數據顯示(shi)的(de)商品通(tong)脹率上升更是“于(yu)事(shi)無補”。

國債：

政策動(dong)態：3月21日一季度(du)貨幣(bi)政(zheng)策(ce)委員會例會通稿(gao)公布。提到(dao)(dao)“研究創設新的(de)(de)(de)結(jie)構性貨幣(bi)政(zheng)策(ce)工具”，結(jie)合(he)近期(qi)(qi)(qi)官方(fang)發(fa)(fa)(fa)言，短期(qi)(qi)(qi)內貨幣(bi)政(zheng)策(ce)發(fa)(fa)(fa)力的(de)(de)(de)重(zhong)心可能(neng)是結(jie)構性貨幣(bi)政(zheng)策(ce)工具。“從宏(hong)觀(guan)審慎的(de)(de)(de)角度(du)觀(guan)察、評估債(zhai)(zhai)市(shi)運(yun)行(xing)(xing)(xing)(xing)(xing)情況，關(guan)(guan)注長期(qi)(qi)(qi)收益(yi)率(lv)(lv)的(de)(de)(de)變(bian)(bian)(bian)化，表(biao)明貨幣(bi)政(zheng)策(ce)對債(zhai)(zhai)券收益(yi)率(lv)(lv)的(de)(de)(de)關(guan)(guan)注度(du)上升。公開(kai)市(shi)場凈投放(fang)3785億(yi)(yi)元(yuan)(yuan)(yuan)。其中(zhong)7天逆回購發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)14117億(yi)(yi)元(yuan)(yuan)(yuan)，到(dao)(dao)期(qi)(qi)(qi)5262億(yi)(yi)元(yuan)(yuan)(yuan)，MLF到(dao)(dao)期(qi)(qi)(qi)3870億(yi)(yi)元(yuan)(yuan)(yuan)，國(guo)庫(ku)現金(jin)定存到(dao)(dao)期(qi)(qi)(qi)1200億(yi)(yi)元(yuan)(yuan)(yuan)。下(xia)周(zhou)有14117億(yi)(yi)元(yuan)(yuan)(yuan)逆回購到(dao)(dao)期(qi)(qi)(qi)。資金(jin)利(li)率(lv)(lv)先(xian)上后下(xia)，DR001下(xia)行(xing)(xing)(xing)(xing)(xing)5BP至(zhi)1.75%，DR007下(xia)行(xing)(xing)(xing)(xing)(xing)4.3BP至(zhi)1.77%，R001下(xia)行(xing)(xing)(xing)(xing)(xing)3.9BP至(zhi)1.77%，R007下(xia)行(xing)(xing)(xing)(xing)(xing)1.3BP至(zhi)1.82%。3月LPR報(bao)價保(bao)持不變(bian)(bian)(bian)：1年期(qi)(qi)(qi)LPR為3.1%，5年期(qi)(qi)(qi)以(yi)上LPR為3.6%，均(jun)較上期(qi)(qi)(qi)維(wei)持不變(bian)(bian)(bian)。根據(ju)央行(xing)(xing)(xing)(xing)(xing)數據(ju)，2月份企業新發(fa)(fa)(fa)放(fang)貸款（本外幣(bi)）加權平均(jun)利(li)率(lv)(lv)約(yue)(yue)3.3%，比上年同期(qi)(qi)(qi)低約(yue)(yue)40個(ge)(ge)基(ji)點(dian)；個(ge)(ge)人住房新發(fa)(fa)(fa)放(fang)貸款（本外幣(bi)）加權平均(jun)利(li)率(lv)(lv)約(yue)(yue)3.1%，比上年同期(qi)(qi)(qi)低約(yue)(yue)70個(ge)(ge)基(ji)點(dian)。LPR保(bao)持不變(bian)(bian)(bian)符合(he)預期(qi)(qi)(qi)。債(zhai)(zhai)券供給：本周(zhou)政(zheng)府(fu)債(zhai)(zhai)發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)3792億(yi)(yi)元(yuan)(yuan)(yuan)，到(dao)(dao)期(qi)(qi)(qi)655億(yi)(yi)元(yuan)(yuan)(yuan)，凈發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)3137億(yi)(yi)元(yuan)(yuan)(yuan)。其中(zhong)國(guo)債(zhai)(zhai)凈發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)1819億(yi)(yi)元(yuan)(yuan)(yuan)，地(di)方(fang)債(zhai)(zhai)凈發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)1318億(yi)(yi)元(yuan)(yuan)(yuan)。發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)計劃(hua)顯示，下(xia)周(zhou)國(guo)債(zhai)(zhai)凈發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)2445億(yi)(yi)元(yuan)(yuan)(yuan)，地(di)方(fang)債(zhai)(zhai)凈發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)3067億(yi)(yi)元(yuan)(yuan)(yuan)。本周(zhou)新增(zeng)專項債(zhai)(zhai)342億(yi)(yi)元(yuan)(yuan)(yuan)，累計發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)量6963億(yi)(yi)元(yuan)(yuan)(yuan)，發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)進度(du)15.8%，下(xia)周(zhou)計劃(hua)發(fa)(fa)(fa)行(xing)(xing)(xing)(xing)(xing)1327億(yi)(yi)元(yuan)(yuan)(yuan)。

貴(gui)金屬(shu)：

世界大型企業聯合會(hui)(Conference Board)周二公布的(de)(de)數據(ju)(ju)顯示，美(mei)國3月消(xiao)費(fei)(fei)者信心(xin)指數為(wei)92.9，為(wei)2021年(nian)1月以(yi)來的(de)(de)最(zui)低(di)(di)(di)水(shui)(shui)平，預(yu)測為(wei)94，前值為(wei)98.3。其(qi)中，現(xian)狀指數下降3.6點至134.5，預(yu)期(qi)指數下降9.6點至65.2，為(wei)12年(nian)最(zui)低(di)(di)(di)水(shui)(shui)平，遠低(di)(di)(di)于(yu)通常(chang)預(yu)示衰退的(de)(de)80點閾(yu)值。美(mei)國消(xiao)費(fei)(fei)者信心(xin)指數在(zai)3月份驟(zou)降至四(si)年(nian)多來最(zui)低(di)(di)(di)，反映出家庭對(dui)未(wei)來可能出現(xian)的(de)(de)經濟(ji)衰退以(yi)及(ji)關稅引發通脹的(de)(de)擔憂日益加劇。紐約(yue)聯(lian)邦儲(chu)(chu)備銀行(xing)總(zong)裁威廉姆斯表(biao)示，企業和家庭感受到經濟(ji)前景(jing)“不確(que)定性加劇”。美(mei)聯(lian)儲(chu)(chu)理(li)事(shi)庫(ku)格勒表(biao)示，美(mei)聯(lian)儲(chu)(chu)的(de)(de)利率政策仍然具有限制(zhi)性，而且處于(yu)良(liang)好位置，但自(zi)去年(nian)夏天以(yi)來，使通脹率回(hui)到2%目標(biao)的(de)(de)進展已經放(fang)緩(huan)，最(zui)新(xin)數據(ju)(ju)顯示的(de)(de)商品通脹率上升更是“于(yu)事(shi)無補(bu)”。

螺(luo)紋(wen)：2025年(nian)(nian)3月(yue)中旬(xun)(xun)，重點(dian)統(tong)計鋼(gang)(gang)(gang)鐵(tie)企業(ye)共生產粗鋼(gang)(gang)(gang)2166萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，平(ping)(ping)均(jun)日(ri)(ri)(ri)(ri)產216.6萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，日(ri)(ri)(ri)(ri)產環(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長1.6%；生鐵(tie)1927萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，平(ping)(ping)均(jun)日(ri)(ri)(ri)(ri)產192.7萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，日(ri)(ri)(ri)(ri)產環(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長2.1%；鋼(gang)(gang)(gang)材(cai)2112萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，平(ping)(ping)均(jun)日(ri)(ri)(ri)(ri)產211.2萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，日(ri)(ri)(ri)(ri)產環(huan)(huan)(huan)比(bi)(bi)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長5.3%。2025年(nian)(nian)3月(yue)中旬(xun)(xun)，重點(dian)統(tong)計鋼(gang)(gang)(gang)鐵(tie)企業(ye)鋼(gang)(gang)(gang)材(cai)庫(ku)(ku)存量1691萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)上(shang)(shang)一旬(xun)(xun)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)66萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長4.1%；比(bi)(bi)年(nian)(nian)初增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)454萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長36.7%；比(bi)(bi)上(shang)(shang)月(yue)同(tong)旬(xun)(xun)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)39萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)長2.4%；比(bi)(bi)去年(nian)(nian)同(tong)旬(xun)(xun)減(jian)(jian)少(shao)(shao)262萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，下(xia)(xia)降13.4%，比(bi)(bi)前年(nian)(nian)同(tong)旬(xun)(xun)減(jian)(jian)少(shao)(shao)205萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，下(xia)(xia)降10.8%。3月(yue)中旬(xun)(xun)，21個城(cheng)市5大(da)品種鋼(gang)(gang)(gang)材(cai)社會庫(ku)(ku)存1085萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)減(jian)(jian)少(shao)(shao)37萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，下(xia)(xia)降3.3%，庫(ku)(ku)存由(you)升(sheng)轉降；比(bi)(bi)年(nian)(nian)初增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)426萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，上(shang)(shang)升(sheng)64.6%；比(bi)(bi)上(shang)(shang)年(nian)(nian)同(tong)期(qi)減(jian)(jian)少(shao)(shao)319萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，下(xia)(xia)降22.7%。從Mysteel公布的(de)周(zhou)(zhou)度螺紋(wen)鋼(gang)(gang)(gang)庫(ku)(ku)存數據發現(xian)，本(ben)周(zhou)(zhou)螺紋(wen)鋼(gang)(gang)(gang)總庫(ku)(ku)存為837.00萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，上(shang)(shang)周(zhou)(zhou)為853.78萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，本(ben)周(zhou)(zhou)去庫(ku)(ku)16.78萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，上(shang)(shang)周(zhou)(zhou)去庫(ku)(ku)6.12萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)。近(jin)年(nian)(nian)同(tong)期(qi)表(biao)現(xian)為：2024年(nian)(nian)去庫(ku)(ku)34.83萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，2023年(nian)(nian)去庫(ku)(ku)22.41萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，2022年(nian)(nian)去庫(ku)(ku)7.38萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)。此(ci)外，本(ben)周(zhou)(zhou)表(biao)需(xu)242.99萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，上(shang)(shang)周(zhou)(zhou)233.22萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，近(jin)年(nian)(nian)同(tong)期(qi)水平(ping)(ping)為：2024年(nian)(nian)246.44萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，2023年(nian)(nian)322.43萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，2022年(nian)(nian)307.39萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)。3月(yue)14日(ri)(ri)(ri)(ri)247家鋼(gang)(gang)(gang)廠(chang)高爐(lu)開工率80.58%，環(huan)(huan)(huan)比(bi)(bi)上(shang)(shang)周(zhou)(zhou)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)1.07個百(bai)(bai)分(fen)點(dian)，同(tong)比(bi)(bi)去年(nian)(nian)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)4.43個百(bai)(bai)分(fen)點(dian)；高爐(lu)煉鐵(tie)產能(neng)利用率86.57%，環(huan)(huan)(huan)比(bi)(bi)上(shang)(shang)周(zhou)(zhou)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)0.03個百(bai)(bai)分(fen)點(dian)，同(tong)比(bi)(bi)去年(nian)(nian)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)3.99個百(bai)(bai)分(fen)點(dian)；鋼(gang)(gang)(gang)廠(chang)盈利率53.25%，環(huan)(huan)(huan)比(bi)(bi)上(shang)(shang)周(zhou)(zhou)持平(ping)(ping)，同(tong)比(bi)(bi)去年(nian)(nian)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)32.04個百(bai)(bai)分(fen)點(dian)；日(ri)(ri)(ri)(ri)均(jun)鐵(tie)水產量230.59萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)上(shang)(shang)周(zhou)(zhou)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)0.08萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，同(tong)比(bi)(bi)去年(nian)(nian)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)9.77萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)。截至(zhi)3月(yue)20日(ri)(ri)(ri)(ri)當周(zhou)(zhou)，螺紋(wen)鋼(gang)(gang)(gang)表(biao)需(xu)連續第(di)五周(zhou)(zhou)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)，廠(chang)庫(ku)(ku)連續第(di)四周(zhou)(zhou)減(jian)(jian)少(shao)(shao)，社庫(ku)(ku)連續第(di)二周(zhou)(zhou)減(jian)(jian)少(shao)(shao)，產量由(you)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)轉減(jian)(jian)。螺紋(wen)產量226.21萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)上(shang)(shang)周(zhou)(zhou)減(jian)(jian)少(shao)(shao)0.89萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，降幅(fu)0.39%；螺紋(wen)廠(chang)庫(ku)(ku)219.04萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)上(shang)(shang)周(zhou)(zhou)減(jian)(jian)少(shao)(shao)6.74萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，降幅(fu)2.99%；螺紋(wen)社庫(ku)(ku)617.96萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)上(shang)(shang)周(zhou)(zhou)減(jian)(jian)少(shao)(shao)10.04萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，降幅(fu)1.60%；螺紋(wen)表(biao)需(xu)242.99萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)上(shang)(shang)周(zhou)(zhou)增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)加(jia)(jia)9.77萬(wan)(wan)(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，增(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)(zeng)幅(fu)4.19%。

鐵(tie)礦石：3月(yue)(yue)(yue)22日(ri)(ri)(ri)：全(quan)國主港(gang)(gang)鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)石成交140.8萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)漲88.24%；遠期(qi)現貨成交132萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。2025年(nian)03月(yue)(yue)(yue)17日(ri)(ri)(ri)-03月(yue)(yue)(yue)23日(ri)(ri)(ri)中(zhong)國47港(gang)(gang)鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)石到(dao)港(gang)(gang)總量(liang)2639.6萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)減(jian)(jian)(jian)少(shao)355.4萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)；中(zhong)國45港(gang)(gang)鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)石到(dao)港(gang)(gang)總量(liang)2510.6萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)減(jian)(jian)(jian)少(shao)365.8萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)；北方六港(gang)(gang)鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)石到(dao)港(gang)(gang)總量(liang)1240.7萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)減(jian)(jian)(jian)少(shao)190.7萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。2025年(nian)03月(yue)(yue)(yue)17日(ri)(ri)(ri)-03月(yue)(yue)(yue)23日(ri)(ri)(ri)澳(ao)(ao)洲巴(ba)西鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)發(fa)運(yun)總量(liang)2515.2萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)161.5萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。澳(ao)(ao)洲發(fa)運(yun)量(liang)1878.6萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)5.4萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，其中(zhong)澳(ao)(ao)洲發(fa)往中(zhong)國的量(liang)1492.6萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)減(jian)(jian)(jian)少(shao)45.8萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。巴(ba)西發(fa)運(yun)量(liang)636.5萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)156.0萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。 本期(qi)全(quan)球鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)石發(fa)運(yun)總量(liang)3084.7萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)221.2萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。3月(yue)(yue)(yue)21日(ri)(ri)(ri)訊(xun)，Mysteel統計(ji)(ji)全(quan)國45個(ge)(ge)港(gang)(gang)口(kou)(kou)進(jin)口(kou)(kou)鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)庫(ku)(ku)存(cun)總量(liang)14462.49萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)41.64萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)；日(ri)(ri)(ri)均(jun)(jun)疏港(gang)(gang)量(liang)302.61萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，降(jiang)5.97萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)；在港(gang)(gang)船舶數(shu)量(liang)95條，增(zeng)6條。47個(ge)(ge)港(gang)(gang)口(kou)(kou)進(jin)口(kou)(kou)鐵(tie)(tie)(tie)礦(kuang)(kuang)(kuang)(kuang)庫(ku)(ku)存(cun)總量(liang)14914.49萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)18.64萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)；日(ri)(ri)(ri)均(jun)(jun)疏港(gang)(gang)量(liang)315.11萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，降(jiang)6.47萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。3月(yue)(yue)(yue)21日(ri)(ri)(ri)訊(xun)，Mysteel調(diao)研247家(jia)(jia)(jia)鋼(gang)廠(chang)(chang)高爐開工(gong)率81.96%，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)周增(zeng)加(jia)(jia)1.38個(ge)(ge)百分點，同(tong)(tong)比(bi)(bi)(bi)(bi)(bi)去年(nian)增(zeng)加(jia)(jia)5.06個(ge)(ge)百分點；高爐煉鐵(tie)(tie)(tie)產(chan)能利用(yong)(yong)率88.7%，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)周增(zeng)加(jia)(jia)2.13個(ge)(ge)百分點，同(tong)(tong)比(bi)(bi)(bi)(bi)(bi)去年(nian)增(zeng)加(jia)(jia)5.91個(ge)(ge)百分點；鋼(gang)廠(chang)(chang)盈利率53.25%，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)周持平，同(tong)(tong)比(bi)(bi)(bi)(bi)(bi)去年(nian)增(zeng)加(jia)(jia)30.31個(ge)(ge)百分點；日(ri)(ri)(ri)均(jun)(jun)鐵(tie)(tie)(tie)水產(chan)量(liang)236.26萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)周增(zeng)加(jia)(jia)5.67萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，同(tong)(tong)比(bi)(bi)(bi)(bi)(bi)去年(nian)增(zeng)加(jia)(jia)14.87萬(wan)(wan)(wan)(wan)(wan).全(quan)國44家(jia)(jia)(jia)樣本生鐵(tie)(tie)(tie)企業高爐產(chan)能利用(yong)(yong)率為61.27%，周環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)下降(jiang)0.48%，月(yue)(yue)(yue)環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)升6.52%。廠(chang)(chang)內生鐵(tie)(tie)(tie)庫(ku)(ku)存(cun)72.47萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，周環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)6.5萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，月(yue)(yue)(yue)環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)增(zeng)加(jia)(jia)9.26萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。3月(yue)(yue)(yue)20日(ri)(ri)(ri)Mysteel統計(ji)(ji)新(xin)口(kou)(kou)徑114家(jia)(jia)(jia)鋼(gang)廠(chang)(chang)進(jin)口(kou)(kou)燒(shao)(shao)結粉(fen)(fen)總庫(ku)(ku)存(cun)2866.33萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)減(jian)(jian)(jian)68.16萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。進(jin)口(kou)(kou)燒(shao)(shao)結粉(fen)(fen)總日(ri)(ri)(ri)耗116.42萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)增(zeng)5.26萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。庫(ku)(ku)存(cun)消費比(bi)(bi)(bi)(bi)(bi)24.62，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)減(jian)(jian)(jian)1.78。原口(kou)(kou)徑64家(jia)(jia)(jia)鋼(gang)廠(chang)(chang)進(jin)口(kou)(kou)燒(shao)(shao)結粉(fen)(fen)總庫(ku)(ku)存(cun)1297.38萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)增(zeng)35.23萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。進(jin)口(kou)(kou)燒(shao)(shao)結粉(fen)(fen)總日(ri)(ri)(ri)耗57.17萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)增(zeng)2.21萬(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。燒(shao)(shao)結礦(kuang)(kuang)(kuang)(kuang)中(zhong)平均(jun)(jun)使用(yong)(yong)進(jin)口(kou)(kou)礦(kuang)(kuang)(kuang)(kuang)配比(bi)(bi)(bi)(bi)(bi)86.9%，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)減(jian)(jian)(jian)0.08個(ge)(ge)百分點。鋼(gang)廠(chang)(chang)不含(han)稅平均(jun)(jun)鐵(tie)(tie)(tie)水成本2425元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)減(jian)(jian)(jian)21元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。此外，新(xin)口(kou)(kou)徑114家(jia)(jia)(jia)鋼(gang)廠(chang)(chang)剔除長期(qi)停產(chan)樣本后不含(han)稅鐵(tie)(tie)(tie)水成本2424元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)，環(huan)(huan)(huan)(huan)(huan)(huan)(huan)比(bi)(bi)(bi)(bi)(bi)上(shang)期(qi)減(jian)(jian)(jian)20元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)(dun)。

雙焦(jiao)：焦(jiao)企利(li)潤(run)多(duo)處盈(ying)虧平衡線附近，開(kai)工(gong)較為穩定，隨著下(xia)(xia)游(you)鋼廠陸續(xu)復產，以及中間投機(ji)貿易商拿貨增(zeng)多(duo)，焦(jiao)企出貨情況較好(hao)，廠內焦(jiao)炭庫存(cun)持續(xu)下(xia)(xia)降，焦(jiao)炭供需(xu)結構向好(hao)運行(xing)，現山(shan)西地(di)區主流(liu)準一級干熄焦(jiao)報1385-1470元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)。需(xu)(xu)求方面，鋼(gang)廠復產(chan)(chan)不斷推進，鐵水產(chan)(chan)量回升明顯(xian)，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)剛需(xu)(xu)增(zeng)強，部分低(di)庫(ku)(ku)(ku)存(cun)(cun)鋼(gang)廠對焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)采購積極性(xing)提升。港(gang)口(kou)方面，兩(liang)港(gang)庫(ku)(ku)(ku)存(cun)(cun)水平(ping)(ping)有(you)增(zeng)，貿易商集港(gang)情況有(you)所好轉，但實際成交少，現港(gang)口(kou)準(zhun)一級(ji)(ji)冶金焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)主(zhu)流(liu)現匯出(chu)庫(ku)(ku)(ku)價1380-1430元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)。本(ben)(ben)周(zhou)(zhou)(zhou)(zhou)全國(guo)(guo)30家獨(du)立(li)(li)(li)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)化廠噸(dun)(dun)(dun)(dun)(dun)(dun)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)盈(ying)(ying)利(li)(li)(li)情況，全國(guo)(guo)平(ping)(ping)均(jun)(jun)噸(dun)(dun)(dun)(dun)(dun)(dun)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)盈(ying)(ying)利(li)(li)(li)-27元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)；山西(xi)準(zhun)一級(ji)(ji)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)平(ping)(ping)均(jun)(jun)盈(ying)(ying)利(li)(li)(li)0元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)，山東準(zhun)一級(ji)(ji)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)平(ping)(ping)均(jun)(jun)盈(ying)(ying)利(li)(li)(li)20元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)，內蒙(meng)二級(ji)(ji)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)平(ping)(ping)均(jun)(jun)盈(ying)(ying)利(li)(li)(li)-91元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)，河北準(zhun)一級(ji)(ji)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)平(ping)(ping)均(jun)(jun)盈(ying)(ying)利(li)(li)(li)32元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)。蒙(meng)古國(guo)(guo)進口(kou)煉(lian)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)市場(chang)受制于高庫(ku)(ku)(ku)存(cun)(cun)弱需(xu)(xu)求的核心矛盾，，ER公司蒙(meng)3精煤(mei)(mei)(mei)(mei)(mei)(mei)連續60場(chang)流(liu)拍后首次底價800元(yuan)(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)成交。現甘其毛都口(kou)岸：蒙(meng)5#原(yuan)(yuan)煤(mei)(mei)(mei)(mei)(mei)(mei)880，蒙(meng)5#精煤(mei)(mei)(mei)(mei)(mei)(mei)1050，蒙(meng)4#原(yuan)(yuan)煤(mei)(mei)(mei)(mei)(mei)(mei)870，蒙(meng)3#精煤(mei)(mei)(mei)(mei)(mei)(mei)1010，1/3焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)原(yuan)(yuan)煤(mei)(mei)(mei)(mei)(mei)(mei)720；河北唐山：蒙(meng)5#精煤(mei)(mei)(mei)(mei)(mei)(mei)1270；策克(ke)(ke)口(kou)岸：馬克(ke)(ke)A590，馬克(ke)(ke)西(xi)620，歐(ou)斯克(ke)(ke)A490，歐(ou)斯克(ke)(ke)B690，南戈壁A750，南戈壁B460，泰拉原(yuan)(yuan)煤(mei)(mei)(mei)(mei)(mei)(mei)1000，巴音低(di)硫(liu)肥精煤(mei)(mei)(mei)(mei)(mei)(mei)830，巴音低(di)硫(liu)氣肥精煤(mei)(mei)(mei)(mei)(mei)(mei)800；滿(man)都拉口(kou)岸：主(zhu)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)精煤(mei)(mei)(mei)(mei)(mei)(mei)840，氣原(yuan)(yuan)煤(mei)(mei)(mei)(mei)(mei)(mei)570。本(ben)(ben)周(zhou)(zhou)(zhou)(zhou)Mysteel統(tong)計(ji)(ji)(ji)獨(du)立(li)(li)(li)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)企(qi)(qi)(qi)全樣(yang)(yang)本(ben)(ben)：產(chan)(chan)能(neng)(neng)(neng)利(li)(li)(li)用(yong)(yong)(yong)率(lv)(lv)為(wei)(wei)70.03%減(jian)(jian)0.85%；焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)日(ri)(ri)均(jun)(jun)產(chan)(chan)量62.46減(jian)(jian)0.77，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)庫(ku)(ku)(ku)存(cun)(cun)147.26減(jian)(jian)6.86，煉(lian)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)總庫(ku)(ku)(ku)存(cun)(cun)780.51減(jian)(jian)7.62，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)可(ke)(ke)用(yong)(yong)(yong)天(tian)(tian)數(shu)9.4天(tian)(tian)增(zeng)0.03天(tian)(tian)。本(ben)(ben)周(zhou)(zhou)(zhou)(zhou)Mysteel統(tong)計(ji)(ji)(ji)全國(guo)(guo)230家獨(du)立(li)(li)(li)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)企(qi)(qi)(qi)樣(yang)(yang)本(ben)(ben)：產(chan)(chan)能(neng)(neng)(neng)利(li)(li)(li)用(yong)(yong)(yong)率(lv)(lv)為(wei)(wei)69.31%減(jian)(jian)1.07%；焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)日(ri)(ri)均(jun)(jun)產(chan)(chan)量49.53減(jian)(jian)0.76，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)庫(ku)(ku)(ku)存(cun)(cun)80.56減(jian)(jian)6.76，煉(lian)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)總庫(ku)(ku)(ku)存(cun)(cun)659.92減(jian)(jian)5.8，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)可(ke)(ke)用(yong)(yong)(yong)天(tian)(tian)數(shu)10.0天(tian)(tian)增(zeng)0.07天(tian)(tian)。本(ben)(ben)周(zhou)(zhou)(zhou)(zhou)Mysteel統(tong)計(ji)(ji)(ji)獨(du)立(li)(li)(li)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)企(qi)(qi)(qi)全樣(yang)(yang)本(ben)(ben)：產(chan)(chan)能(neng)(neng)(neng)利(li)(li)(li)用(yong)(yong)(yong)率(lv)(lv)為(wei)(wei)70.03%減(jian)(jian)0.85%；焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)日(ri)(ri)均(jun)(jun)產(chan)(chan)量62.46減(jian)(jian)0.77，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)庫(ku)(ku)(ku)存(cun)(cun)147.26減(jian)(jian)6.86，煉(lian)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)總庫(ku)(ku)(ku)存(cun)(cun)780.51減(jian)(jian)7.62，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)可(ke)(ke)用(yong)(yong)(yong)天(tian)(tian)數(shu)9.4天(tian)(tian)增(zeng)0.03天(tian)(tian)。本(ben)(ben)周(zhou)(zhou)(zhou)(zhou)Mysteel統(tong)計(ji)(ji)(ji)全國(guo)(guo)230家獨(du)立(li)(li)(li)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)企(qi)(qi)(qi)樣(yang)(yang)本(ben)(ben)：產(chan)(chan)能(neng)(neng)(neng)利(li)(li)(li)用(yong)(yong)(yong)率(lv)(lv)為(wei)(wei)69.31%減(jian)(jian)1.07%；焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)日(ri)(ri)均(jun)(jun)產(chan)(chan)量49.53減(jian)(jian)0.76，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)庫(ku)(ku)(ku)存(cun)(cun)80.56減(jian)(jian)6.76，煉(lian)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)總庫(ku)(ku)(ku)存(cun)(cun)659.92減(jian)(jian)5.8，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)煤(mei)(mei)(mei)(mei)(mei)(mei)可(ke)(ke)用(yong)(yong)(yong)天(tian)(tian)數(shu)10.0天(tian)(tian)增(zeng)0.07天(tian)(tian)。終端消耗量未有(you)提升，鋼(gang)廠面臨(lin)出(chu)貨不暢的情況，因此(ci)選擇主(zhu)動增(zeng)產(chan)(chan)的鋼(gang)廠不多，對焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)采購保持(chi)謹慎。獨(du)立(li)(li)(li)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)企(qi)(qi)(qi)在(zai)低(di)利(li)(li)(li)潤壓(ya)制下(xia)，產(chan)(chan)能(neng)(neng)(neng)利(li)(li)(li)用(yong)(yong)(yong)率(lv)(lv)續降至70%，日(ri)(ri)均(jun)(jun)產(chan)(chan)量創10個(ge)月低(di)位，焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)庫(ku)(ku)(ku)存(cun)(cun)環降4.45%至147.26萬噸(dun)(dun)(dun)(dun)(dun)(dun)，而鋼(gang)廠焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)日(ri)(ri)產(chan)(chan)量增(zeng)加，庫(ku)(ku)(ku)存(cun)(cun)小幅下(xia)降0.75萬噸(dun)(dun)(dun)(dun)(dun)(dun)至678.41萬噸(dun)(dun)(dun)(dun)(dun)(dun)。然而港(gang)口(kou)焦(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)(jiao)炭(tan)(tan)庫(ku)(ku)(ku)存(cun)(cun)環增(zeng)6.17%至254.48萬噸(dun)(dun)(dun)(dun)(dun)(dun)，因此(ci)，綜合庫(ku)(ku)(ku)存(cun)(cun)增(zeng)至1080.15萬噸(dun)(dun)(dun)(dun)(dun)(dun)，達近3年最高，同比增(zeng)幅擴(kuo)大至13.45%。

銅：國內現貨(huo)長江現貨(huo)1#銅(tong)價(jia)報(bao)(bao)82690元(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，漲890元(yuan)，升(sheng)(sheng)水(shui)60-升(sheng)(sheng)水(shui)100，跌(die)(die)30元(yuan)；長江綜(zong)合1#銅(tong)價(jia)報(bao)(bao)82665元(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，漲875元(yuan)，升(sheng)(sheng)水(shui)0-升(sheng)(sheng)水(shui)110，跌(die)(die)45元(yuan)；廣東現(xian)貨(huo)(huo)1#銅(tong)價(jia)報(bao)(bao)82730元(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，漲860元(yuan)，升(sheng)(sheng)水(shui)20-升(sheng)(sheng)水(shui)220，跌(die)(die)60元(yuan)；上海(hai)地區1#銅(tong)價(jia)報(bao)(bao)82580元(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，漲880元(yuan)，貼水(shui)70-升(sheng)(sheng)水(shui)10，跌(die)(die)40元(yuan)。3月24日(ri)(ri)(ri)國(guo)(guo)(guo)內(nei)市(shi)場(chang)(chang)電解(jie)銅(tong)現(xian)貨(huo)(huo)庫(ku)(ku)33.65萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)17日(ri)(ri)(ri)降(jiang)1.03萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)20日(ri)(ri)(ri)降(jiang)0.69萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)；上海(hai)庫(ku)(ku)存(cun)(cun)(cun)23.06萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)17日(ri)(ri)(ri)增(zeng)0.03萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)20日(ri)(ri)(ri)降(jiang)0.32萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)；廣東庫(ku)(ku)存(cun)(cun)(cun)4.15萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)17日(ri)(ri)(ri)降(jiang)0.73萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)20日(ri)(ri)(ri)降(jiang)0.13萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)江蘇庫(ku)(ku)存(cun)(cun)(cun)5.76萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)17日(ri)(ri)(ri)降(jiang)0.25萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)20日(ri)(ri)(ri)降(jiang)0.21萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)。國(guo)(guo)(guo)內(nei)電解(jie)銅(tong)社(she)會庫(ku)(ku)存(cun)(cun)(cun)延(yan)續去(qu)(qu)(qu)庫(ku)(ku)趨勢(shi)，其中(zhong)(zhong)各(ge)市(shi)場(chang)(chang)均表(biao)現(xian)不(bu)同(tong)(tong)程(cheng)度降(jiang)幅(fu)；具體來(lai)看，由于(yu)市(shi)場(chang)(chang)部分倉庫(ku)(ku)不(bu)論國(guo)(guo)(guo)產以(yi)及進(jin)(jin)口銅(tong)貨(huo)(huo)源(yuan)到貨(huo)(huo)依舊相(xiang)對有限(xian)，然(ran)高銅(tong)價(jia)背(bei)景下(xia)，下(xia)游采購需求同(tong)(tong)樣不(bu)多，因此庫(ku)(ku)存(cun)(cun)(cun)維持(chi)下(xia)降(jiang)。截至(zhi)(zhi)3月20日(ri)(ri)(ri)，國(guo)(guo)(guo)內(nei)銅(tong)社(she)會庫(ku)(ku)存(cun)(cun)(cun)34.64萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，連續3周去(qu)(qu)(qu)庫(ku)(ku)，較(jiao)年內(nei)高點(dian)下(xia)降(jiang)3.06萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，較(jiao)去(qu)(qu)(qu)年同(tong)(tong)期(qi)(qi)低4.86萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)。上期(qi)(qi)所倉單(dan)降(jiang)至(zhi)(zhi)15.85萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，LME庫(ku)(ku)存(cun)(cun)(cun)降(jiang)至(zhi)(zhi)22.46萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，注(zhu)銷倉單(dan)增(zeng)加(jia)(jia)10萬(wan)(wan)(wan)(wan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，顯示(shi)提(ti)貨(huo)(huo)需求旺盛。剛果(guo)（金）局勢(shi)動蕩、印(yin)尼Freeport銅(tong)精(jing)礦出口禁令解(jie)除(chu)后的(de)運輸不(bu)確定性，加(jia)(jia)劇了礦端供應(ying)風險。加(jia)(jia)工(gong)費(fei)（TC）創(chuang)新(xin)低，進(jin)(jin)口銅(tong)精(jing)礦指(zhi)數跌(die)(die)至(zhi)(zhi)-22.88美(mei)元(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，冶煉廠持(chi)續虧(kui)損（單(dan)噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)虧(kui)損約2083元(yuan)），部分企業計劃(hua)檢(jian)修或(huo)減產。印(yin)尼銅(tong)精(jing)礦出口雖部分緩解(jie)緊(jin)張(zhang)，但實(shi)際到港仍需時間。美(mei)國(guo)(guo)(guo)擬(ni)加(jia)(jia)征銅(tong)進(jin)(jin)口關稅(shui)（或(huo)達25%），刺激(ji)COMEX銅(tong)溢價(jia)超1000美(mei)元(yuan)/噸(dun)(dun)(dun)(dun)(dun)(dun)(dun)，全球銅(tong)資源(yuan)向美(mei)國(guo)(guo)(guo)集中(zhong)(zhong)，加(jia)(jia)劇其他(ta)地區供應(ying)緊(jin)張(zhang)。

鋁：SMM數據(ju)，長(chang)江A00鋁(lv)(lv)(lv)(lv)(lv)價錄(lu)得(de)20910元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)，較(jiao)上(shang)(shang)一(yi)交易(yi)日(ri)上(shang)(shang)漲10元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)，長(chang)江A00鋁(lv)(lv)(lv)(lv)(lv)現(xian)貨升貼水較(jiao)上(shang)(shang)一(yi)交易(yi)日(ri)持平(ping)(ping)于-40元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)；中原A00鋁(lv)(lv)(lv)(lv)(lv)價錄(lu)得(de)20790元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)，中原A00鋁(lv)(lv)(lv)(lv)(lv)現(xian)貨升貼水較(jiao)上(shang)(shang)一(yi)交易(yi)日(ri)持平(ping)(ping)于-160元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)；佛山A00鋁(lv)(lv)(lv)(lv)(lv)價錄(lu)20890元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)，佛山A00鋁(lv)(lv)(lv)(lv)(lv)現(xian)貨升貼水較(jiao)上(shang)(shang)一(yi)交易(yi)日(ri)下(xia)跌20元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)至(zhi)(zhi)(zhi)-55元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)。截至(zhi)(zhi)(zhi)3月20日(ri)，國(guo)內(nei)電(dian)(dian)解鋁(lv)(lv)(lv)(lv)(lv)運行產(chan)能(neng)(neng)約(yue)4384萬(wan)噸(dun)(dun)，環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)小幅上(shang)(shang)升。電(dian)(dian)解鋁(lv)(lv)(lv)(lv)(lv)完全成本(ben)降至(zhi)(zhi)(zhi)17061元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)（周環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)-274元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)），鋁(lv)(lv)(lv)(lv)(lv)廠利潤修復至(zhi)(zhi)(zhi)3719元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)，2月份(fen)國(guo)內(nei)電(dian)(dian)解鋁(lv)(lv)(lv)(lv)(lv)產(chan)量同比(bi)(bi)(bi)增長(chang)3.8%，環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)下(xia)滑0.3%。鋁(lv)(lv)(lv)(lv)(lv)下(xia)游加(jia)(jia)工(gong)企業開工(gong)率回(hui)升至(zhi)(zhi)(zhi)62.8%（周環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)+1.2%），鋁(lv)(lv)(lv)(lv)(lv)型(xing)材(cai)開工(gong)率提升至(zhi)(zhi)(zhi)60%（光伏型(xing)材(cai)滿產(chan)），但建(jian)筑(zhu)型(xing)材(cai)仍疲軟。電(dian)(dian)網投資、光伏及新能(neng)(neng)源汽車(che)需求(qiu)強勁(jing)，而(er)傳統(tong)地產(chan)和出(chu)口訂單（同比(bi)(bi)(bi)-30%）拖累整體消(xiao)費。鋁(lv)(lv)(lv)(lv)(lv)錠社會庫(ku)存降至(zhi)(zhi)(zhi)83.4萬(wan)噸(dun)(dun)（周環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)-2.8萬(wan)噸(dun)(dun)），鋁(lv)(lv)(lv)(lv)(lv)棒(bang)庫(ku)存降至(zhi)(zhi)(zhi)28.8萬(wan)噸(dun)(dun)（周環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)-1萬(wan)噸(dun)(dun)）。國(guo)內(nei)電(dian)(dian)解鋁(lv)(lv)(lv)(lv)(lv)運行產(chan)能(neng)(neng)4403.4萬(wan)噸(dun)(dun)（周環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)持平(ping)(ping)），氧化鋁(lv)(lv)(lv)(lv)(lv)供需平(ping)(ping)衡系數2.11，供應過剩格局延續。北方氧化鋁(lv)(lv)(lv)(lv)(lv)現(xian)貨跌至(zhi)(zhi)(zhi)3100-3200元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)（周環(huan)(huan)(huan)(huan)比(bi)(bi)(bi)-110元(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)(dun)），倉單交割(ge)貨源流入市(shi)場加(jia)(jia)劇拋壓(ya)。

鎳：目前Ni:1.3%Mc40%鎳(nie)(nie)礦(kuang)(kuang)(kuang)市場價(CIF)25美元(yuan)/濕(shi)(shi)(shi)(shi)噸(dun)(dun)；Ni:1.6%Mc35%鎳(nie)(nie)礦(kuang)(kuang)(kuang)基(ji)準價(HPM)27.47美元(yuan)/濕(shi)(shi)(shi)(shi)噸(dun)(dun)，市場價(CIF)47.47美元(yuan)/濕(shi)(shi)(shi)(shi)噸(dun)(dun)；Ni:1.8%Mc35%鎳(nie)(nie)礦(kuang)(kuang)(kuang)基(ji)準價(HPM)34.53美元(yuan)/濕(shi)(shi)(shi)(shi)噸(dun)(dun)，市場價(CIF)54.53美元(yuan)/濕(shi)(shi)(shi)(shi)噸(dun)(dun)。本周中國(guo)14港港口鎳(nie)(nie)礦(kuang)(kuang)(kuang)庫存(cun)減少37.30萬(wan)(wan)濕(shi)(shi)(shi)(shi)噸(dun)(dun)至(zhi)735.2萬(wan)(wan)濕(shi)(shi)(shi)(shi)噸(dun)(dun)，降幅4.83%。以(yi)鎳(nie)(nie)礦(kuang)(kuang)(kuang)產地分(fen)，菲律賓(bin)鎳(nie)(nie)礦(kuang)(kuang)(kuang)735.2萬(wan)(wan)濕(shi)(shi)(shi)(shi)噸(dun)(dun)，其(qi)他(ta)國(guo)家0萬(wan)(wan)濕(shi)(shi)(shi)(shi)噸(dun)(dun)；以(yi)鎳(nie)(nie)礦(kuang)(kuang)(kuang)品位(wei)分(fen)，低(di)鎳(nie)(nie)高(gao)鐵礦(kuang)(kuang)(kuang)376.09萬(wan)(wan)濕(shi)(shi)(shi)(shi)噸(dun)(dun)，中高(gao)品位(wei)鎳(nie)(nie)礦(kuang)(kuang)(kuang)359.11萬(wan)(wan)濕(shi)(shi)(shi)(shi)噸(dun)(dun)。印尼(ni)(ni)內貿火(huo)(huo)法(fa)礦(kuang)(kuang)(kuang)3月主(zhu)(zhu)流(liu)升(sheng)水為(wei)19~20美金/濕(shi)(shi)(shi)(shi)噸(dun)(dun)。3月印尼(ni)(ni)蘇拉維西主(zhu)(zhu)礦(kuang)(kuang)(kuang)區雨季將陸續(xu)結束(shu)，印尼(ni)(ni)鎳(nie)(nie)礦(kuang)(kuang)(kuang)供應呈增加預期(qi)，但下游冶煉企業剛需(xu)(xu)采購需(xu)(xu)求仍存(cun)，且(qie)3月時逢齋月，開齋節(jie)前后供應或受到(dao)一定(ding)影響，疊加對于(yu)政策(ce)不確(que)定(ding)性的考慮，火(huo)(huo)法(fa)礦(kuang)(kuang)(kuang)延(yan)續(xu)漲價趨勢(shi)，但漲幅相較(jiao)2月有(you)(you)一定(ding)收(shou)窄。濕(shi)(shi)(shi)(shi)法(fa)礦(kuang)(kuang)(kuang)方(fang)面，礦(kuang)(kuang)(kuang)山在配額(e)有(you)(you)限情況下，傾向于(yu)優先出(chu)售利潤較(jiao)好(hao)的火(huo)(huo)法(fa)礦(kuang)(kuang)(kuang)，主(zhu)(zhu)動降低(di)濕(shi)(shi)(shi)(shi)法(fa)礦(kuang)(kuang)(kuang)出(chu)售量。

豆粕(po)

3月(yue)26日，生意社大豆基準價為(wei)4104.00元(yuan)/噸，與(yu)本月(yue)初(4180.00元(yuan)/噸)相比，下降了-1.82%。

3月26日，生意社豆粕(po)基準價為(wei)3230.00元(yuan)/噸(dun)，與本月初(3722.00元(yuan)/噸(dun))相比，下降了-13.22%。

海關總署(shu)數據顯(xian)示：2024年(nian)1-13月(yue)，中(zhong)國(guo)進(jin)(jin)口大(da)(da)豆數量10503.2萬(wan)噸(dun)，創歷史新高，同(tong)比2023年(nian)增(zeng)長6.51%，進(jin)(jin)口大(da)(da)豆總金額527億美元，同(tong)比下降10.98%（國(guo)際大(da)(da)豆價(jia)格走低）。2025年(nian)1-3月(yue)，中(zhong)國(guo)進(jin)(jin)口大(da)(da)豆數1360.6萬(wan)噸(dun)，較2024年(nian)同(tong)期(qi)增(zeng)長4.4%。

進口大豆到國內港口C&F報價。

單位(wei)：美元/噸(dun)

國家糧油信(xin)息中心消息：監測顯示，截至(zhi) 3 月 14 日當周，國內主要油(you)廠(chang)大豆壓榨(zha)量(liang) 163 萬噸(dun)，周環比(bi)上升(sheng) 11萬噸(dun)，月環比(bi)下降 31 萬噸(dun)，同比(bi)下降 1 萬噸(dun)，較過去三年均(jun)值上升(sheng) 1 萬噸(dun)。本周部分油(you)廠(chang)大豆庫存(cun)趨緊、開機(ji)率(lv)可能維持低位，預(yu)計(ji)大豆壓榨(zha)量(liang)約(yue) 140 萬噸(dun)。

美(mei)國農業部3月供需報(bao)告：美(mei)國大豆

3月(yue)美國2024/2025年度大豆(dou)種植面積預期8710萬英畝(mu)，1月(yue)預期為8710萬英畝(mu)，環比持平(ping)；

3月(yue)美國2024/2025年度大豆收(shou)獲面積(ji)預期8610萬英畝(mu)，1月(yue)預期為(wei)8610萬英畝(mu)，環比持(chi)平；

3月美國2024/2025年度大(da)豆(dou)單(dan)產預期50.7蒲(pu)式耳/英(ying)畝，1月預期為50.7蒲(pu)式耳/英(ying)畝，環比持平；

3月(yue)美國2024/2025年度(du)大豆產量預期(qi)43.66億蒲式(shi)耳，1月(yue)預期(qi)為43.66億蒲式(shi)耳，環(huan)比持(chi)平；

3月美國2024/2025年度大(da)豆總供應量預期47.29億蒲式耳，1月預期為47.29億蒲式耳，環比持平；

3月(yue)美國(guo)2024/2025年度大豆壓榨量預期24.1億(yi)蒲式(shi)耳(er)，1月(yue)預期為24.1億(yi)蒲式(shi)耳(er)，環比持(chi)平；

3月美國2024/2025年度大豆(dou)出口量預期18.25億蒲式耳，1月預期為18.25億蒲式耳，環比持平；

3月美國2024/2025年度大豆總消耗量預期(qi)43.49億蒲式(shi)耳，1月預期(qi)為43.49億蒲式(shi)耳，環比持(chi)平；

3月(yue)美(mei)國2024/2025年(nian)度大豆期末庫存預(yu)期3.8億蒲(pu)式(shi)耳(er)(er)，1月(yue)預(yu)期為3.8億蒲(pu)式(shi)耳(er)(er)，環比持平。

美大豆周度(du)出口報告：截至(zhi)2025年3月13日當周，美國2024/25年度大豆凈銷售量為352,600噸，較(jiao)上周減少53%，較(jiao)四周均值減少29%。

據(ju)美國(guo)農業部（USDA）公布的出(chu)(chu)口(kou)檢(jian)驗報告，截(jie)至3月13日當周(zhou)，美國(guo)大豆(dou)出(chu)(chu)口(kou)檢(jian)驗量為64.67萬(wan)噸(dun)，上周(zhou)修正后(hou)為85.36萬(wan)噸(dun)。2024/25年度（始(shi)于9月1日）美國(guo)大豆(dou)出(chu)(chu)口(kou)檢(jian)驗累計總量為3909.82萬(wan)噸(dun)，上年同期(qi)3578.22萬(wan)噸(dun)，同比增加9.27%。

巴西谷物出口商協會（ANEC）表(biao)示,2025年3月份(fen)巴西玉米出口(kou)量(liang)估計為413,401噸，略(lve)微(wei)高于(yu)一周前預估的412,700噸。3月份(fen)的出口(kou)量(liang)仍低于(yu)2月份(fen)的129萬噸，但(dan)是顯著高于(yu)去年3月份(fen)的140,561噸。

玉米

3月(yue)26日(ri)，生(sheng)意社玉米基準(zhun)價(jia)為2207.14元/噸(dun)，與(yu)本月(yue)初(2127.14元/噸(dun))相(xiang)比，上漲了(le)3.76%。

據中國海(hai)關數據顯示：2025年(nian)1-2月玉米進口量僅18萬噸，較去年(nian)同期(qi)的620萬噸驟降97.1%（2024年同期約620萬噸(dun)）。2024年我國玉米進(jin)口總量為1364萬噸(dun)，同比大幅下降49.7%。

據Mysteel農產品調研顯示，截至2025年3月14日，北(bei)方四港(gang)玉(yu)米(mi)庫(ku)(ku)存共計507.6萬(wan)(wan)噸(dun)(dun)，周環(huan)比(bi)增加(jia)1.8萬(wan)(wan)噸(dun)(dun)；當周北(bei)方四港(gang)下海(hai)量共計62.7萬(wan)(wan)噸(dun)(dun)，周環(huan)比(bi)增加(jia)4.10萬(wan)(wan)噸(dun)(dun)。廣東港(gang)內貿(mao)(mao)玉(yu)米(mi)庫(ku)(ku)存共計189萬(wan)(wan)噸(dun)(dun)，較(jiao)(jiao)上(shang)周增加(jia)2.70萬(wan)(wan)噸(dun)(dun)；外貿(mao)(mao)庫(ku)(ku)存11.1萬(wan)(wan)噸(dun)(dun)，較(jiao)(jiao)上(shang)周增加(jia)3.30萬(wan)(wan)噸(dun)(dun)；進(jin)口(kou)高粱(liang)39.3萬(wan)(wan)噸(dun)(dun)，較(jiao)(jiao)上(shang)周減少11.00萬(wan)(wan)噸(dun)(dun)；進(jin)口(kou)大麥65.2萬(wan)(wan)噸(dun)(dun)，較(jiao)(jiao)上(shang)周增加(jia)0.50萬(wan)(wan)噸(dun)(dun)。 

美(mei)國(guo)農業部3月(yue)供需報告：美國玉米

3月(yue)美國(guo)2024/2025年(nian)度玉米種植面積預期9060萬英畝，1月(yue)預期為9060萬英畝，環比持平；

3月(yue)美國(guo)2024/2025年度玉米(mi)收獲面(mian)積預(yu)期8290萬英畝，1月(yue)預(yu)期為8290萬英畝，環比持平；

3月美(mei)國2024/2025年度玉米(mi)單產(chan)預(yu)期(qi)(qi)179.3蒲式(shi)耳(er)(er)/英(ying)畝，1月預(yu)期(qi)(qi)為179.3蒲式(shi)耳(er)(er)/英(ying)畝，環比持平；

3月(yue)美國(guo)2024/2025年度玉米產量預期(qi)148.67億(yi)蒲(pu)式耳，1月(yue)預期(qi)為148.67億(yi)蒲(pu)式耳，環比持平；

3月美國2024/2025年度玉(yu)米總供應量(liang)預期(qi)166.55億蒲式(shi)耳，1月預期(qi)為166.55億蒲式(shi)耳，環比持平；

3月(yue)美國2024/2025年度玉米總(zong)消耗量預期(qi)(qi)151.15億蒲式(shi)耳，1月(yue)預期(qi)(qi)為151.15億蒲式(shi)耳，環比持平；

3月美國2024/2025年(nian)度玉米期末(mo)庫存預期15.4億蒲(pu)式耳(er)，1月預期為(wei)15.4億蒲(pu)式耳(er)，環比持平。

據美國農業部（USDA）公(gong)布的出(chu)口銷售(shou)報(bao)告，截至2025年3月13日當周，美國2024/25年度玉米凈銷售(shou)量為1,496,700噸，較上周增(zeng)加55%，較四周均值(zhi)增(zeng)加45%。

據美國農(nong)業部（USDA）公布的出(chu)口檢驗報告，截至3月(yue)13日當周，美(mei)國(guo)玉(yu)(yu)米出(chu)口檢驗量為(wei)165.86萬(wan)(wan)噸(dun)(dun)，上周修正后(hou)為(wei)184.42萬(wan)(wan)噸(dun)(dun)，2024/25年度(du)美(mei)國(guo)玉(yu)(yu)米出(chu)口檢驗累計總量為(wei)3076.14萬(wan)(wan)噸(dun)(dun)，上一(yi)年度(du)同(tong)期2319.04萬(wan)(wan)噸(dun)(dun)。

巴西谷(gu)物出口商(shang)協會(hui)（ANEC）表示,2025年(nian)3月(yue)(yue)份(fen)巴(ba)西玉(yu)米(mi)出(chu)口(kou)量(liang)估計(ji)為413,401噸(dun)，略微(wei)高于一(yi)周前(qian)預估的(de)412,700噸(dun)。3月(yue)(yue)份(fen)的(de)出(chu)口(kou)量(liang)仍低于2月(yue)(yue)份(fen)的(de)129萬噸(dun)，但是(shi)顯著(zhu)高于去年(nian)3月(yue)(yue)份(fen)的(de)140,561噸(dun)。

原油

3月(yue)(yue)25日(ri)(ri)(ri)，美(mei)(mei)國(guo)(guo)宣(xuan)布將(jiang)會對進口(kou)(kou)(kou)南美(mei)(mei)某(mou)國(guo)(guo)石油(you)(you)(you)的國(guo)(guo)家加(jia)(jia)征25%關稅；有報道稱OPEC+可能按照(zhao)既(ji)定計劃(hua)，在(zai)5月(yue)(yue)連續第二個月(yue)(yue)提高石油(you)(you)(you)產量(liang)；3月(yue)(yue)23日(ri)(ri)(ri)數(shu)(shu)(shu)據顯示(shi)，當(dang)(dang)前(qian)(qian)(qian)伊拉克(ke)石油(you)(you)(you)出(chu)口(kou)(kou)(kou)量(liang)達到(dao)(dao)(dao)(dao)約(yue)335萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)，在(zai)兩次(ci)減產后，伊拉克(ke)石油(you)(you)(you)產量(liang)約(yue)為(wei)(wei)400萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)；3月(yue)(yue)20日(ri)(ri)(ri)白宮新聞發(fa)言(yan)人表示(shi)，特(te)朗普希望油(you)(you)(you)價繼續下(xia)跌(die)。截至(zhi)(zhi)2025年(nian)(nian)(nian)3月(yue)(yue)24日(ri)(ri)(ri)當(dang)(dang)周(zhou)(zhou)，山東獨立煉廠原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)到(dao)(dao)(dao)(dao)港(gang)量(liang)為(wei)(wei)316.3萬(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)，環(huan)比下(xia)跌(die)12.1萬(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)，跌(die)幅(fu)為(wei)(wei)3.69%。相(xiang)比之(zhi)下(xia)，去(qu)(qu)年(nian)(nian)(nian)同(tong)(tong)期(qi)(qi)，山東獨立煉廠原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)到(dao)(dao)(dao)(dao)港(gang)量(liang)為(wei)(wei)133.9萬(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)，環(huan)比增長20萬(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)，增幅(fu)為(wei)(wei)17.56%，當(dang)(dang)期(qi)(qi)到(dao)(dao)(dao)(dao)港(gang)原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)以中質原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)為(wei)(wei)主，其中俄羅(luo)斯原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)到(dao)(dao)(dao)(dao)港(gang)37.9萬(wan)(wan)(wan)(wan)(wan)(wan)噸(dun)(dun)，但稀釋瀝青到(dao)(dao)(dao)(dao)港(gang)量(liang)繼續維持零(ling)到(dao)(dao)(dao)(dao)港(gang)狀態(tai)。EIA報告，03月(yue)(yue)21日(ri)(ri)(ri)當(dang)(dang)周(zhou)(zhou)美(mei)(mei)國(guo)(guo)原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)出(chu)口(kou)(kou)(kou)減少3.5萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)至(zhi)(zhi)460.9萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)。 美(mei)(mei)國(guo)(guo)國(guo)(guo)內原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)產量(liang)增加(jia)(jia)0.1萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)至(zhi)(zhi)1357.4萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)。除卻戰(zhan)略(lve)儲備的商(shang)業原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)庫(ku)(ku)存(cun)減少334.1萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)至(zhi)(zhi)4.34億桶(tong)(tong)(tong)(tong)(tong)，降幅(fu)0.76%。美(mei)(mei)國(guo)(guo)原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)產品四周(zhou)(zhou)平均供(gong)應量(liang)為(wei)(wei)2019.9萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)，較(jiao)去(qu)(qu)年(nian)(nian)(nian)同(tong)(tong)期(qi)(qi)增加(jia)(jia)0.53%。美(mei)(mei)國(guo)(guo)戰(zhan)略(lve)石油(you)(you)(you)儲備（SPR）庫(ku)(ku)存(cun)增加(jia)(jia)28.6萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)至(zhi)(zhi)3.961億桶(tong)(tong)(tong)(tong)(tong)，增幅(fu)0.07%。美(mei)(mei)國(guo)(guo)除卻戰(zhan)略(lve)儲備的商(shang)業原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)進口(kou)(kou)(kou)619.5萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)，較(jiao)前(qian)(qian)(qian)一周(zhou)(zhou)增加(jia)(jia)81.0萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)。美(mei)(mei)國(guo)(guo)至(zhi)(zhi)3月(yue)(yue)21日(ri)(ri)(ri)當(dang)(dang)周(zhou)(zhou)石油(you)(you)(you)鉆井(jing)總數(shu)(shu)(shu)486口(kou)(kou)(kou)，前(qian)(qian)(qian)值(zhi)487口(kou)(kou)(kou)；當(dang)(dang)周(zhou)(zhou)天(tian)然氣鉆井(jing)總數(shu)(shu)(shu)102口(kou)(kou)(kou)，前(qian)(qian)(qian)值(zhi)100口(kou)(kou)(kou)，當(dang)(dang)周(zhou)(zhou)API原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)庫(ku)(ku)存(cun)459.9萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，預期(qi)(qi)-107.4萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，前(qian)(qian)(qian)值(zhi)459.3萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)；當(dang)(dang)周(zhou)(zhou)API投(tou)產原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)量(liang)-13.8萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)，前(qian)(qian)(qian)值(zhi)0.6萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)；當(dang)(dang)周(zhou)(zhou)API成品油(you)(you)(you)進口(kou)(kou)(kou)-30.7萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)，前(qian)(qian)(qian)值(zhi)-16.5萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)/日(ri)(ri)(ri)；當(dang)(dang)周(zhou)(zhou)API原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)進口(kou)(kou)(kou) -25.2萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，前(qian)(qian)(qian)值(zhi)7.1萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)；當(dang)(dang)周(zhou)(zhou)API取暖(nuan)油(you)(you)(you)庫(ku)(ku)存(cun) -38.5萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，前(qian)(qian)(qian)值(zhi)44.5萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)；當(dang)(dang)周(zhou)(zhou)API精煉油(you)(you)(you)庫(ku)(ku)存(cun) -134.9萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，預期(qi)(qi)-175.7萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，前(qian)(qian)(qian)值(zhi)-214.6萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)；當(dang)(dang)周(zhou)(zhou)API汽(qi)油(you)(you)(you)庫(ku)(ku)存(cun) -327.7萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，預期(qi)(qi)-199.3萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，前(qian)(qian)(qian)值(zhi)-170.8萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)；當(dang)(dang)周(zhou)(zhou)API庫(ku)(ku)欣原(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)油(you)(you)(you)庫(ku)(ku)存(cun) -61萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)，前(qian)(qian)(qian)值(zhi)-114.1萬(wan)(wan)(wan)(wan)(wan)(wan)桶(tong)(tong)(tong)(tong)(tong)。

PTA

現貨方面，3月(yue)25日(ri)，華東現貨(huo)(huo)PTA收漲(zhang)至(zhi)4860元(yuan)(yuan)/噸(dun)(dun)。國內(nei)供需(xu)維持偏(pian)緊格局，華東PTA現貨(huo)(huo)商談價(jia)格在4800-4900。截至(zhi)3月(yue)7日(ri)，行(xing)業(ye)(ye)平(ping)(ping)均開(kai)工(gong)(gong)(gong)為73.6%，環(huan)(huan)(huan)比(bi)(bi)(bi)-4.6%；國內(nei)PTA周產量(liang)(liang)133.68萬(wan)噸(dun)(dun)，較上(shang)周-2.43萬(wan)噸(dun)(dun)；下游(you)聚(ju)酯(zhi)(zhi)行(xing)業(ye)(ye)周度平(ping)(ping)均開(kai)工(gong)(gong)(gong)87.84%，較上(shang)周+0.48%；PTA社(she)會(hui)庫(ku)(ku)存量(liang)(liang)約在499.45萬(wan)噸(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)(bi)-8.16萬(wan)噸(dun)(dun)；本周期(qi)(qi)聚(ju)酯(zhi)(zhi)行(xing)業(ye)(ye)周產量(liang)(liang)：148.33萬(wan)噸(dun)(dun)，較上(shang)周+1.22萬(wan)噸(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)(bi)漲(zhang)0.83%。中(zhong)國聚(ju)酯(zhi)(zhi)行(xing)業(ye)(ye)周度平(ping)(ping)均產能利用率：87.84%，環(huan)(huan)(huan)比(bi)(bi)(bi)漲(zhang)0.48%。截至(zhi)3月(yue)7日(ri)，據(ju)隆眾資訊生產成(cheng)本計算模(mo)型(xing)，PTA成(cheng)本平(ping)(ping)均在4620.47元(yuan)(yuan)/噸(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)(bi)-144.46元(yuan)(yuan)/噸(dun)(dun)，現貨(huo)(huo)周均加工(gong)(gong)(gong)費323元(yuan)(yuan)/噸(dun)(dun)（+55）；截至(zhi)3月(yue)7日(ri)，PTA社(she)會(hui)庫(ku)(ku)存542.3萬(wan)噸(dun)(dun)，環(huan)(huan)(huan)比(bi)(bi)(bi)下降5.8萬(wan)噸(dun)(dun)。聚(ju)酯(zhi)(zhi)工(gong)(gong)(gong)廠原料庫(ku)(ku)存9.90天，較上(shang)月(yue)末(mo)-3.88%。終端新增訂單有限(xian)，江浙織機(ji)開(kai)工(gong)(gong)(gong)緩步提升，聚(ju)酯(zhi)(zhi)產銷整體(ti)平(ping)(ping)淡，長(chang)絲庫(ku)(ku)存繼續(xu)累(lei)積，聚(ju)酯(zhi)(zhi)負(fu)荷低于預期(qi)(qi)，下游(you)需(xu)求恢復偏(pian)慢。

純(chun)堿

3月26日(ri)(ri)，今日(ri)(ri)國內純(chun)堿市場弱穩運行(xing)。截至(zhi)目前，西南(nan)地(di)區(qu)(qu)輕(qing)質(zhi)(zhi)純(chun)堿價(jia)格在(zai)1400-1500元(yuan)/噸(dun)，重質(zhi)(zhi)純(chun)堿價(jia)格在(zai)1500-1600元(yuan)/噸(dun)；華(hua)中地(di)區(qu)(qu)輕(qing)質(zhi)(zhi)純(chun)堿價(jia)格在(zai)1300-1550元(yuan)/噸(dun)，重質(zhi)(zhi)純(chun)堿價(jia)格在(zai)1450-1600元(yuan)/噸(dun)。鋼(gang)聯數據顯示(shi)，3月14日(ri)(ri)當(dang)周純(chun)堿整體開(kai)工率為83.29%，環比(bi)(bi)(bi)下(xia)降(jiang)5.75個(ge)百分點(dian)，同(tong)(tong)比(bi)(bi)(bi)減(jian)(jian)少(shao)(shao)7.72個(ge)百分點(dian)；周度(du)產(chan)(chan)量為69.79萬噸(dun)，環比(bi)(bi)(bi)減(jian)(jian)少(shao)(shao)5%，同(tong)(tong)比(bi)(bi)(bi)減(jian)(jian)少(shao)(shao)6.59%。供給(gei)方(fang)面，據隆(long)眾資訊，截至(zhi)3月10日(ri)(ri)，純(chun)堿廠家(jia)周度(du)產(chan)(chan)量69.79萬噸(dun)，環比(bi)(bi)(bi)減(jian)(jian)少(shao)(shao)3.68萬噸(dun)。下(xia)游浮法玻璃開(kai)工率變動不大。庫(ku)存(cun)來看，3月10日(ri)(ri)，國內純(chun)堿廠家(jia)總(zong)庫(ku)存(cun)173.88萬噸(dun)，較上周四減(jian)(jian)少(shao)(shao)2.11萬噸(dun)，跌幅(fu)1.20%。輕(qing)質(zhi)(zhi)純(chun)堿84萬噸(dun)，環比(bi)(bi)(bi)下(xia)降(jiang)1.53萬噸(dun)，跌幅(fu)1.79%。重質(zhi)(zhi)純(chun)堿89.88萬噸(dun)，環比(bi)(bi)(bi)下(xia)降(jiang)0.58萬噸(dun)，下(xia)降(jiang)0.64%。

玻璃(li)

據金(jin)十(shi)數(shu)據，截至(zhi)3月(yue)(yue)(yue)(yue)26日(ri)(ri)，今日(ri)(ri)國(guo)(guo)(guo)內5mm浮(fu)(fu)法(fa)(fa)(fa)玻(bo)(bo)璃(li)(li)市(shi)場(chang)整體穩中小幅(fu)波(bo)動(dong)，區(qu)域表現(xian)分(fen)化(hua)。華東地區(qu)江蘇廠家(jia)出(chu)貨不暢，價(jia)(jia)格(ge)松動(dong)下調(diao)20元(yuan)/噸(dun)，而(er)浙江市(shi)場(chang)需求相對活躍，報價(jia)(jia)上(shang)調(diao)20元(yuan)/噸(dun)，帶動(dong)下游拿貨積極性提升；華南地區(qu)廣東市(shi)場(chang)產銷情況尚(shang)可，廠家(jia)小幅(fu)提價(jia)(jia)10元(yuan)/噸(dun)，以刺激適量(liang)(liang)補庫(ku)。截至(zhi)(zhi)3月(yue)(yue)(yue)(yue)21日(ri)(ri)，全國(guo)(guo)(guo)浮(fu)(fu)法(fa)(fa)(fa)玻(bo)(bo)璃(li)(li)生產線共(gong)計(ji)285條，在產223條，日(ri)(ri)熔量(liang)(liang)共(gong)計(ji)158155噸(dun)，后期(qi)玻(bo)(bo)璃(li)(li)產線冷修計(ji)劃(hua)和復產點火計(ji)劃(hua)體量(liang)(liang)基本(ben)相當；海關數據顯示，2月(yue)(yue)(yue)(yue)我(wo)國(guo)(guo)(guo)光伏玻(bo)(bo)璃(li)(li)出(chu)口(kou)量(liang)(liang)達到28.21萬(wan)噸(dun)，環(huan)比(bi)(bi)(bi)1月(yue)(yue)(yue)(yue)減少(shao)28.04%，同比(bi)(bi)(bi)減少(shao)9.41%。2025年1-2月(yue)(yue)(yue)(yue)，光伏玻(bo)(bo)璃(li)(li)總(zong)出(chu)口(kou)量(liang)(liang)達到67.41萬(wan)噸(dun)，同比(bi)(bi)(bi)去(qu)年微減0.07%。供應方面，3月(yue)(yue)(yue)(yue)20日(ri)(ri)當周浮(fu)(fu)法(fa)(fa)(fa)玻(bo)(bo)璃(li)(li)行業(ye)(ye)平均(jun)開工率(lv)減少(shao)0.24%至(zhi)(zhi)75.85%，而(er)平均(jun)產能利用率(lv)環(huan)增(zeng)(zeng)0.37%至(zhi)(zhi)79.08%，3月(yue)(yue)(yue)(yue)20日(ri)(ri)全國(guo)(guo)(guo)浮(fu)(fu)法(fa)(fa)(fa)玻(bo)(bo)璃(li)(li)日(ri)(ri)產量(liang)(liang)為15.85萬(wan)噸(dun)，比(bi)(bi)(bi)13日(ri)(ri)減少(shao)0.22%，但本(ben)周全國(guo)(guo)(guo)浮(fu)(fu)法(fa)(fa)(fa)玻(bo)(bo)璃(li)(li)產量(liang)(liang)111萬(wan)噸(dun)，創兩個(ge)半月(yue)(yue)(yue)(yue)高位，環(huan)比(bi)(bi)(bi)增(zeng)(zeng)加0.48%，但同比(bi)(bi)(bi)下降了(le)9.65%。截止到3月(yue)(yue)(yue)(yue)20日(ri)(ri)，全國(guo)(guo)(guo)浮(fu)(fu)法(fa)(fa)(fa)玻(bo)(bo)璃(li)(li)樣本(ben)企業(ye)(ye)總(zong)庫(ku)存(cun)環(huan)比(bi)(bi)(bi)減少(shao)1.13%至(zhi)(zhi)6946萬(wan)重箱，同比(bi)(bi)(bi)增(zeng)(zeng)幅(fu)縮(suo)減至(zhi)(zhi)9.19%。折庫(ku)存(cun)天數31.3天，較上(shang)期(qi)-0.7天。

苯乙烯

現貨方(fang)面，3 月(yue)26日(ri)濟南世紀通達化(hua)工(gong)有限公司齊(qi)魯石(shi)化(hua)品牌的苯乙烯，含量(liang)(liang)99.9%，報(bao)價為(wei)7500 元/噸。國內供應(ying)有縮量(liang)(liang)預期(qi)(qi)，供需維持偏(pian)緊格局。供應(ying)方(fang)面(mian)，從現(xian)有檢修計(ji)劃看，供應(ying)依然充足。據隆(long)眾資訊，截至3月(yue)20日(ri)，中國苯乙烯工(gong)廠整體產(chan)量(liang)(liang)在 33.82 萬(wan)(wan)噸，較上(shang)期(qi)(qi)降 0.5 萬(wan)(wan)噸，環比(bi)(bi) - 1.46%；工(gong)廠產(chan)能利(li)(li)用(yong)(yong)率 73.84%，環比(bi)(bi) 1.08%；截至3 月(yue) 17 日(ri)，江蘇苯乙烯港口樣(yang)本(ben)庫存總量(liang)(liang) 17.43 萬(wan)(wan)噸，較上(shang)周期(qi)(qi)減少 1.17 萬(wan)(wan)噸，幅(fu)度 - 6.29%；華南苯乙烯主流庫區目前(qian)總庫存量(liang)(liang) 2.3 萬(wan)(wan)噸，較上(shang)期(qi)(qi)庫存數據 - 0.25 萬(wan)(wan)噸，環比(bi)(bi) - 9.8%； 3 月(yue) 20 日(ri)，EPS 產(chan)能利(li)(li)用(yong)(yong)率 56.68%，環比(bi)(bi) + 0.34%；PS 產(chan)能利(li)(li)用(yong)(yong)率 67.4%，環比(bi)(bi) + 1.9%；ABS 產(chan)能利(li)(li)用(yong)(yong)率 71.5%，環比(bi)(bi) - 1.5%。

甲醇

3月25日，靖江(jiang)(jiang)(jiang)地區(qu)進口(kou)貨源(yuan)報盤價(jia)格(ge)參考2700-2710元(yuan)(yuan)(yuan)/噸(dun)附近(jin);河北甲醇(chun)市場主(zhu)流(liu)價(jia)格(ge)至2420-2430元(yuan)(yuan)(yuan)/噸(dun)，成(cheng)(cheng)交(jiao)一(yi)般。現貨方(fang)面，3月20日，江(jiang)(jiang)(jiang)蘇(su)太(tai)倉甲醇(chun)現貨成(cheng)(cheng)交(jiao)平均價(jia)2693元(yuan)(yuan)(yuan)/噸(dun)，較(jiao)3月19日漲38元(yuan)(yuan)(yuan)/噸(dun)。3月14日至20日，國內(nei)甲醇(chun)產(chan)量1853635噸(dun)，較(jiao)上(shang)(shang)周(zhou)減15490噸(dun)；裝(zhuang)置產(chan)能(neng)利用(yong)率為85.27%，環比(bi)(bi)降0.92%；下(xia)(xia)游(you)需求端部(bu)分品(pin)種(zhong)本(ben)周(zhou)產(chan)能(neng)利用(yong)率：烯烴(jing)89.31%，環比(bi)(bi)降1.49%；甲醛48.69%，環比(bi)(bi)降0.03%；醋(cu)酸87.83%，環比(bi)(bi)升5.25%；MTBE61.72%，環比(bi)(bi)降1.29%。截至2025年3月26日，中(zhong)國甲醇(chun)港口(kou)庫(ku)(ku)(ku)存(cun)(cun)(cun)總量在77.38萬(wan)(wan)(wan)噸(dun)，較(jiao)上(shang)(shang)一(yi)期數據減少(shao)2.63萬(wan)(wan)(wan)噸(dun)。其中(zhong)，華東地區(qu)去庫(ku)(ku)(ku)，庫(ku)(ku)(ku)存(cun)(cun)(cun)減少(shao)2.15萬(wan)(wan)(wan)噸(dun)；華南(nan)地區(qu)去庫(ku)(ku)(ku)，庫(ku)(ku)(ku)存(cun)(cun)(cun)減少(shao)0.48萬(wan)(wan)(wan)噸(dun)。甲醇(chun)港口(kou)庫(ku)(ku)(ku)存(cun)(cun)(cun)繼(ji)續去庫(ku)(ku)(ku)，周(zhou)期內(nei)顯(xian)性卸(xie)(xie)貨15.5萬(wan)(wan)(wan)噸(dun)。江(jiang)(jiang)(jiang)蘇(su)主(zhu)流(liu)庫(ku)(ku)(ku)區(qu)在轉口(kou)船(chuan)發(fa)以及(ji)沿江(jiang)(jiang)(jiang)下(xia)(xia)游(you)船(chuan)發(fa)支撐下(xia)(xia)提貨良好，但仍有沿江(jiang)(jiang)(jiang)大型終端原料(liao)管輸自非顯(xian)性庫(ku)(ku)(ku)區(qu)；浙江(jiang)(jiang)(jiang)地區(qu)剛(gang)需穩定，外輪集中(zhong)卸(xie)(xie)貨下(xia)(xia)庫(ku)(ku)(ku)存(cun)(cun)(cun)積累。廣東地區(qu)周(zhou)內(nei)進口(kou)及(ji)內(nei)貿(mao)(mao)船(chuan)只均有補充，其中(zhong)內(nei)貿(mao)(mao)抵港環比(bi)(bi)增量明顯(xian)，主(zhu)流(liu)庫(ku)(ku)(ku)區(qu)提貨量相對穩健，庫(ku)(ku)(ku)存(cun)(cun)(cun)略有去庫(ku)(ku)(ku)。福建地區(qu)周(zhou)內(nei)僅一(yi)船(chuan)內(nei)貿(mao)(mao)船(chuan)只到貨，下(xia)(xia)游(you)剛(gang)需消耗下(xia)(xia)，庫(ku)(ku)(ku)存(cun)(cun)(cun)呈(cheng)現去庫(ku)(ku)(ku)。

免(mian)責聲(sheng)明(ming)：以上(shang)信息、意(yi)見(jian)(jian)不構成對具(ju)(ju)體證券期貨或金融工(gong)具(ju)(ju)在具(ju)(ju)體價位、具(ju)(ju)體時點(dian)、具(ju)(ju)體市場(chang)表現的(de)投(tou)資建議。以上(shang)信息、意(yi)見(jian)(jian)在任何(he)時候均不構成對任何(he)人(ren)的(de)具(ju)(ju)有針(zhen)對性的(de)、指導具(ju)(ju)體投(tou)資的(de)操作意(yi)見(jian)(jian)，投(tou)資者應當對以上(shang)信息和意(yi)見(jian)(jian)進行評估，根據自身情況自主做出投(tou)資決策并(bing)自行承擔投(tou)資風險。