关税情绪缓和，铁矿震荡企稳

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Demand side: Last week, the number of blast furnace restarts was equivalent to that of overhauls, production profit decreased, and the growth rate of molten iron output slowed down. The blast furnace operating rate of 247 steel mills was 83.28%, a 0.15 - percentage - point increase from the previous week and a 4.87 - percentage - point increase year - on - year. The daily average molten iron output was 2.4022 million tons, a 14,900 - ton increase from the previous week and a 154,700 - ton increase year - on - year [2][5]. - Supply side: Last week, both the shipment and arrival of foreign iron ore decreased month - on - month, and the port inventory declined. The total shipment volume of iron ore from Australia and Brazil was 2.393 million tons, a 254,800 - ton decrease from the previous week. The inventory of imported iron ore at 47 ports across the country was 14.83102 billion tons, a 112,390 - ton decrease from the previous week, and the daily average port clearance volume increased by 830 tons [2][6]. - Overall: Affected by the previous shipments, the number of arriving ships and the arrival volume decreased last week. Considering the demand side, the number of blast furnace restarts was equivalent to that of overhauls, production profit decreased, and the growth rate of molten iron output slowed down. On the macro - level, the US exempted some Chinese products from "reciprocal tariffs", easing the tariff sentiment. It is expected that iron ore will mainly fluctuate and stabilize [2][6]. 3. Summary According to Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3131 | - 33 | - 1.04 | 12,913,972 | 2,995,110 | Yuan/ton | | SHFE Hot - Rolled Coil | 3242 | - 118 | - 3.51 | 4,398,093 | 1,164,621 | Yuan/ton | | DCE Iron Ore | 708.0 | - 80.5 | - 10.21 | 2,801,968 | 481,877 | Yuan/ton | | DCE Coking Coal | 892.5 | - 108.5 | - 10.84 | 2,364,567 | 445,365 | Yuan/ton | | DCE Coke | 1522.0 | - 106.5 | - 6.54 | 156,461 | 47,275 | Yuan/ton | [3] 3.2 Market Review - Futures market: Last week, iron ore futures fluctuated significantly. At the beginning of the week, affected by US tariffs, the futures price dropped sharply. In the middle of the week, as the US tariff policy eased, market sentiment recovered, and iron ore stabilized and rebounded. - Spot market: The quotation of PB powder at Rizhao Port was 762 yuan/ton, a 24 - yuan decrease from the previous week. The price of Super Special powder was 623 yuan/ton, a 22 - yuan decrease from the previous week. The price difference between high - and low - grade PB powder and Super Special powder was 139 yuan/ton [5]. 3.3 Industry News - The US Customs and Border Protection (CBP) updated the tariff schedule on the 11th, exempting the import tariffs of goods in categories such as automatic data processors, computers, communication equipment, displays and modules, and semiconductors from "reciprocal tariffs" [7][8]. - People's Daily published a commentator article, stating that in the future, monetary policy tools such as reserve requirement ratio cuts and interest rate cuts have sufficient room for adjustment and can be introduced at any time according to the situation. Fiscal policy will increase the intensity and speed of expenditure, and there is still room for further expansion of fiscal deficits, special bonds, and special treasury bonds. It will boost domestic consumption with extraordinary measures and stabilize the capital market with practical policy measures [11]. - EU member states voted on the 9th to pass the first - round counter - measures against US tariffs, imposing up to 25% tariffs on a series of US products, mainly targeting US steel and aluminum tariffs [11]. - Trump announced on social media that he had approved a 90 - day suspension of "reciprocal tariffs" for more than 75 countries, during which the reciprocal tariffs would be reduced to 10% [11]. 3.4 Related Charts - The report provides 38 charts, including the trends of rebar, hot - rolled coil, and iron ore futures and spot prices, basis trends, steel mill profits, steel production and inventory, blast furnace operating rates, and iron ore shipment and arrival volumes, etc. These charts are sourced from iFinD and Tongguan Jinyuan Futures [10][12][15]