铁矿石：本周价格上涨，供需现宽松格局

Core Viewpoint - Iron ore prices have shown a short-term rebound while the long-term supply and demand remain relatively loose [1] Supply Summary - Global iron ore shipments totaled 29.87 million tons this period, a decrease of 80,000 tons week-on-week [1] - Australian and non-mainstream shipments decreased, while Brazilian shipments increased [1] - Iron ore arrivals at 45 ports reached 26.62 million tons, an increase of 1.78 million tons week-on-week [1] Demand Summary - A survey of 247 steel mills indicated a blast furnace operating rate of 83.46%, up 0.31% week-on-week and 0.83% year-on-year [1] - The capacity utilization rate for blast furnace ironmaking was 90.89%, an increase of 0.99% week-on-week and 1.27% year-on-year [1] - Steel mill profit margins were at 60.17%, up 0.43% week-on-week and 28.14% year-on-year [1] - Daily average pig iron production was 2.4244 million tons, an increase of 26,300 tons week-on-week and 2.79% year-on-year [1] Inventory Summary - Total iron ore inventory at 45 ports was 137.85 million tons, an increase of 193,200 tons week-on-week [1] - Daily average iron ore throughput at 45 ports was 3.2274 million tons, an increase of 32,300 tons week-on-week [1] Overall Market Outlook - The global shipment volume has slightly decreased while arrivals have increased; pig iron production is at a historical high, indicating resilient iron ore consumption [1] - Attention is needed on the intensity of steel consumption during the off-season [1] - The short-term price rebound is supported by macro sentiment and fundamentals, while the long-term outlook remains in a loose supply-demand balance [1]