Investment Rating - The investment rating for the iron ore industry is "Recommended" [3] Core Viewpoints - The average daily pig iron production continues to increase, reaching 2.34 million tons per day, but the growth rate has slowed down [3][4] - The supply pressure for imported iron ore has eased, with a year-on-year increase of 8% in port arrivals, indicating a relatively loose overall supply [4] - Steel mills are resuming production, supported by improved profitability, but the growth in production is expected to be limited in the short term due to rising coke prices [4] Supply Summary - During the week of October 12-18, the total shipment of iron ore from Australia and Brazil was 22.46 million tons, a slight decrease of 0.63% from the previous week [6] - The shipment volumes to China from major miners were as follows: Rio Tinto at 4.95 million tons (+9.96%), BHP at 4.26 million tons (-8.88%), Vale at 5.66 million tons (-13.65%), and FMG at 3.35 million tons (-5.56%) [6][7] - The total port inventory of imported iron ore reached 153 million tons, an increase of 1.27% week-on-week and 37.4% year-on-year, indicating high inventory levels [7] Demand Summary - The average daily consumption of iron ore by steel enterprises was 2.89 million tons, with a slight increase of 0.27% [8] - The capacity utilization rate of blast furnaces was 87.99%, up by 0.48 percentage points, while the operating rate was 81.68%, an increase of 0.89 percentage points [8] - The profitability of steel enterprises improved to 74.46%, reflecting a recovery in operational efficiency [8] Price and Profitability Summary - The average price index for iron ore (62% Fe: CFR: Qingdao Port) was $103.61 per ton, a decrease of $2.17 per ton or 2.05% week-on-week [8] - The rising costs of coke have pressured steel mill profits, contributing to a slowdown in production resumption [4]
铁矿行业周度报告：本周日均铁水产量持续增加，进口矿近、远端供应压力均有缓解
HWABAO SECURITIES·2024-10-22 08:03