2月份，铁矿石货物价格为每吨837元人民币，为七个月来最高，因为越来越多的人认为中国黑色金属需求将在今年复苏。最新数据显示，中国当局1月份发行的新政府债券总额为6930亿元人民币，是去年的两倍多，这表明官员们开始兑现早先的承诺，以刺激该国经济放缓。这放大了人们的乐观情绪，即房价在去年触底并在2月份降至六个月低点后，住房危机将放缓。此外，据报道，地方当局开始从主要陷入困境的开发商那里购买房产，这表明他们愿意帮助这个世界上最大的钢铁消费行业。与此同时，主要铁矿石生产商必和必拓指出，中国经济复苏的迹象和全球央行今年降息的原因是贵金属需求的复苏

Prices for iron ore cargoes were at CNY 837 per tonne in February, the highest in seven months, amid the growing view that Chinese ferrous metal demand will recover this year. The latest data showed that new government bonds issued by Chinese authorities totaled CNY 693 billion in January, more than double from the previous year, to indicate that officials are starting to follow through on earlier pledges to stimulate the country’s slowing economy. This magnified optimism that the housing crisis will slow after the decline in prices bottomed last year and softened to a six-month low in February. Additionally, local authorities reportedly started to process of buying property from major distressed developers, signaling willingness to aid the sector that is among the world’s top steel consumers. In the meantime, major iron ore producer BHP noted that signs of economic recovery in China and rate cuts by global central banks this year is due to revive demand for precious metals

天然气价格下跌5.07%，至4.0632美元/MMBtu

Natural gas decreased 5.07% to 4.0632 USD/MMBtu

美联储的Musalem：通胀风险向上倾斜。周四，圣路易斯联邦储备银行行长阿尔贝托·穆萨勒姆警告称，通胀预期上升加上顽固滞胀的风险可能会给美国经济带来双重挑战。

Fed's Musalem: Inflation risks are tilted to the upside.On Thursday, St. Louis Fed President Alberto Musalem warned that rising inflation expectations combined with the risk of stubborn stagflation could create a double challenge for the US economy.

受美元走软和重点从国家预算推迟到G20会议的推动，南非兰特兑美元汇率升至18.4左右。由于该国联合政府内部对提高增值税税率的提议存在分歧，预算报告在最后一刻被推迟，2月19日，人民币跌至两周低点。民主联盟（DA）是联盟中的第二大政党，是对拟议预算最直言不讳的批评者之一。与此同时，来自世界最大经济体的高级外交官齐聚约翰内斯堡，参加首次在非洲举行的为期两天的会谈。虽然加沙和乌克兰将主导讨论，但包括巴西、印度和南非在内的全球南方国家正在推动关于改革、气候变化和经济公平的谈判。在南非和美国最近的外交紧张局势中，美国国务卿马尔科·卢比奥明显缺席。

The South African rand strengthened to around 18.4 per USD, buoyed by a weaker dollar and a shift in focus from the delay of the national budget to the G20 meeting. The currency slipped to two-week lows on February 19 after a last-minute postponement of the budget presentation due to disagreements within the country's coalition government over a proposal to hike the VAT tax rate. The Democratic Alliance (DA), which is the second-biggest party in the coalition, was one of the most vocal critics of the proposed budget. Meanwhile, top diplomats from the world's largest economies gathered in Johannesburg for the two-day talks held for the first time in Africa. While Gaza and Ukraine will dominate discussions, Global South countries, including Brazil, India, and South Africa, are pushing for talks on reform, climate change, and economic fairness. U.S. Secretary of State Marco Rubio is notably absent amidst recent diplomatic tensions between South Africa and the U.S.