铁矿石：铁水高位回落 港口小幅下滑

Core Viewpoint - The iron ore market is experiencing fluctuations with increased global shipments and a slight decline in domestic port arrivals, indicating a potential increase in supply pressure in the near future [6]. Supply - Global shipments of iron ore increased by 3.188 million tons to 33.478 million tons this week, with Australia and Brazil contributing significantly [4]. - Australian shipments totaled 18.278 million tons, a rise of 0.305 million tons, while shipments to China decreased by 0.149 million tons [4]. - Brazilian shipments increased by 2.531 million tons to 8.783 million tons [4]. Demand - The average daily pig iron production is 2.4477 million tons, showing a slight decrease of 0.0087 million tons [3]. - The blast furnace operating rate is at 84.15%, down by 0.47% [3]. - The profitability rate of steel mills is 59.31%, reflecting an increase of 0.45% [3]. Inventory - As of May 15, the inventory at 45 ports is 141.6609 million tons, a decrease of 0.7262 million tons [5]. - Steel mills' imported ore inventory increased by 2.18 million tons to 89.6116 million tons, while daily consumption slightly decreased [5]. Market Outlook - The iron ore futures contract is expected to experience short-term fluctuations, with supply pressures anticipated due to increased shipments from overseas mines in May and June [6]. - The resilience in demand for finished steel products, particularly hot-rolled and rebar, is expected to continue, while cold-rolled products face more pressure [6]. - The overall market sentiment may improve due to macroeconomic expectations, influencing the iron ore market dynamics [6].