铁矿行业周度报告：铁矿发运量明显下滑12.26%，需求小幅回升0.78%

Investment Rating - The investment rating for the iron ore industry is "Recommended" (maintained) [3] Core Viewpoints - The iron ore supply has shown a significant decline in shipments, down 12.26%, while demand has slightly increased by 0.78% [1] - The overall supply-demand balance remains loose, with high port inventories continuing to exert pressure on iron ore prices, which are expected to remain weak and volatile in the near term [3][4] Supply Summary - During the week of August 31 to September 6, the total shipment of iron ore from Australia and Brazil was 22.947 million tons, a decrease of 3.207 million tons from the previous week, representing a decline of 12.26% [1] - The shipment volumes from major miners to China were as follows: Rio Tinto at 4.319 million tons (-14.29%), BHP at 4.939 million tons (+3.07%), Vale at 5.34 million tons (-31.98%), and FMG at 4.247 million tons (+33.64%) [1][6] - The total port inventory of imported iron ore at 45 ports reached 154 million tons, an increase of 365,700 tons (0.24%) from the previous week [3][5] Demand Summary - The average daily iron water production has rebounded to 2.2261 million tons, marking a 0.78% increase, ending a six-week decline [1][7] - The average daily consumption of imported iron ore was 2.7403 million tons, reflecting a slight increase of 0.68% [7] - The capacity utilization rate of blast furnaces increased to 83.6%, up 0.64 percentage points, indicating a recovery in steel production [7] Price and Profitability Summary - The average price index for iron ore (62% Fe: CFR: Qingdao Port) was $92.79 per ton, down $7.84 (7.79%) from the previous week [1][7] - The profitability rate of steel enterprises rose to 4.33%, showing improvement in the financial health of the sector [7]