全市场唯一钢铁ETF（515210）涨超0.7%，铁矿石人民币结算比例加大

Core Viewpoint - China Mineral Resources Group may have signed an agreement with BHP, the world's largest mining company, to implement RMB settlement for iron ore spot trading starting as early as Q4 of this year, indicating a strengthening of domestic pricing power for iron ore [1] Group 1: Iron Ore Market Dynamics - The production ramp-up of iron ore projects, represented by Ximangdu, is expected to lead to a loosening of supply and demand, potentially driving down the price center [1] - Domestic constraints on steel supply due to "anti-involution" policies may allow iron ore to benefit the downstream steel sector, leading to a more reasonable profit distribution within the black industry chain [1] Group 2: Steel ETF and Industry Characteristics - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects listed companies involved in both ordinary and special steel from the Shanghai and Shenzhen markets to reflect the overall performance of the steel industry [1] - The index constituents are primarily steel manufacturing enterprises, exhibiting strong cyclical characteristics, with a focus on raw materials, highlighting the close relationship between the steel industry and market dynamics as well as economic cycles [1]