铁矿行业周度报告：本周铁矿供给下滑幅度大于需求，矿价震荡偏强运行

Investment Rating - Investment rating: Recommended (maintained) [3] Core Viewpoints - The iron ore market is experiencing a stronger price trend due to supply declines outpacing demand declines, with the iron ore price index averaging $104.55 per ton, up 1.28% week-on-week [3][4] - Despite a decrease in daily iron water production, levels remain higher than those in 2021 and 2022, providing some support for iron ore demand [2][3] - The supply side is under seasonal pressure with high inventory levels, and domestic fiscal policies may influence short-term price dynamics [5] Supply Summary - Import iron ore supply from Australia and Brazil decreased by 2.69% week-on-week, totaling 24.14 million tons, with a year-on-year increase of 22.4% [1][7] - The total shipment volume from major mining companies to China was 19.91 million tons, with three out of four companies reporting declines [1][7] - Port inventory of imported iron ore at 45 ports decreased slightly by 0.98% week-on-week, but remains 36% higher year-on-year [3][6] Demand Summary - Daily average iron water production decreased by 0.6% week-on-week to 2.34 million tons, while daily consumption remained stable [2][8] - The average capacity utilization rate of blast furnaces was 87.87%, reflecting a slight decrease [2][8] - Steel companies' profitability decreased by 1.3 percentage points to 59.74%, indicating pressure on margins [2][8] Price and Inventory Summary - The iron ore price index (62% Fe: CFR: Qingdao Port) increased by $1.33 per ton week-on-week, reflecting a 1.28% rise [3][8] - Port inventory levels remain high, with steel mills facing increased pressure due to declining profit margins and rising inventory levels [3][6]