铁矿行业周度报告：本周铁矿供需双增，钢厂进口矿维持低库存运行

Investment Rating - The investment rating for the iron ore industry is "Recommended (Maintained)" [4] Core Viewpoints - The report indicates that both supply and demand for iron ore have increased, with iron ore prices experiencing fluctuations downward due to supply growth outpacing demand growth [3][4] - The average iron ore price index (62% Fe: CFR: Qingdao Port) for the week was $100 per ton, a decrease of $3.61 per ton or 3.48% compared to the previous week [3][6] - Steel mills are maintaining low inventory levels while port inventories are at a high level, indicating a potential supply pressure in the market [4][6] Supply Summary - For the week of October 19-25, 2024, iron ore supply from Australia and Brazil increased by 2.01% and 3.4% respectively, with total shipments to China reaching 19.268 million tons, a 5.83% increase [1][6] - The total port inventory of imported iron ore across 45 ports was 153 million tons, a 0.29% increase week-on-week and a 35.8% increase year-on-year [4][6] Demand Summary - The average daily consumption of imported iron ore by 247 steel enterprises was 2.9084 million tons, a 0.66% increase week-on-week, while the average daily pig iron production rose to 2.3569 million tons, marking the eighth consecutive week of growth [2][6] - The capacity utilization rate of blast furnaces was 88.48%, up by 0.49 percentage points, and the operating rate was 82.14%, an increase of 0.46 percentage points [2][6] Price and Profitability Summary - The report notes that despite the increase in production and consumption, the profitability of steel enterprises has declined to 64.94%, a decrease of 9.52 percentage points [2][6] - The high port inventories and the ongoing supply pressure are expected to limit the upward movement of iron ore prices, with macroeconomic sentiment likely to play a significant role in price fluctuations [3][4]