供需结构环比继续转好 预计铁矿石震荡偏强

Market Overview - As of October 24, iron ore port inventory reached 151.09 million tons, an increase of 1.48 million tons compared to the previous trading day [1] - On October 29, national main port iron ore transactions were 951,000 tons, a week-on-week increase of 6.61%; forward spot transactions were 1.23 million tons [2] Company Performance - On October 30, Australian mining company Mineral Resources Limited reported that its total iron ore production for Q3 2025 (first quarter of Australian FY2026) reached 10.90 million tons, with total shipments of 11.40 million tons [1] Institutional Insights - Zhengxin Futures noted an overall improvement in macro sentiment, coupled with better funding for terminal construction sites, leading to a strong rebound in iron ore prices. Despite a slight decline in iron production, demand remains resilient. Port inventory continues to accumulate due to increased arrivals, while steel mill profits have slightly rebounded, accelerating restocking [3] - Copper Crown Jinyuan Futures reported that recent steel mill procurement has been active, with strong demand for high-quality ore pushing up spot prices. Although iron production remains high, the significant decrease in supply arrivals has alleviated some supply pressure, leading to a week-on-week decline in port inventory [4]