Report Industry Investment Rating No relevant content provided. Core Views - This week, the iron ore price fluctuated. As of Friday's close, the main contract of iron ore futures closed at 699 yuan/ton, a week-on-week decline of 1.27%. The Mysteel 62% Australian powder forward price index was 98.4 US dollars/ton, a week-on-week increase of 0.05 US dollars/ton, or 0.05%. The price of PB powder at Qingdao Port was 756 yuan/ton, a week-on-week decrease of 6 yuan/ton, or 0.79% [3]. - In terms of supply, the latest data from Mysteel shows that the global iron ore shipments this period were 29.08 million tons, a decrease of 140,000 tons week-on-week. Among them, the shipments from Australia increased slightly, while the shipments from non-mainstream regions decreased significantly. The arrivals at 45 ports of iron ore this period were 25.255 million tons, an increase of 3.368 million tons week-on-week, or 15.4%, which is at a relatively high level in the same period of the past three years [3]. - In terms of demand, the blast furnace operating rate of 247 steel mills surveyed by Mysteel was 83.56%, an increase of 0.28% week-on-week and 4.70% year-on-year. The blast furnace ironmaking capacity utilization rate was 90.15%, a decrease of 0.04% week-on-week and an increase of 5.56% year-on-year. The steel mill profitability rate was 54.98%, an increase of 1.3% week-on-week and 6.5% year-on-year. The daily average pig iron output was 2.4012 million tons, a decrease of 0.1 million tons week-on-week and an increase of 1.39 million tons year-on-year [3]. - In terms of inventory, the total iron ore inventory at 45 ports in the country was 140.56 million tons, a decrease of 2.85 million tons week-on-week, showing a slight de-stocking trend at the ports. The daily average port clearance volume at 45 ports was 3.0951 million tons, a decrease of 0.0854 million tons week-on-week [4]. - Overall, the short-term iron ore fundamentals have no prominent contradictions. In the later stage, attention should be paid to the impact of supply-side changes on the industrial chain. In the long run, the iron ore market still presents a pattern of relatively loose supply and demand [2][4]. Strategies - Unilateral: Pay attention to the opportunity to sell for hedging after the price rebounds (preferably swap hedging) [5]. - Inter-period: None [5]. - Cross-variety: None [6]. - Spot-futures: None [6]. - Options: None [6].
市场谨慎观望，铁矿震荡运行
Hua Tai Qi Huo·2025-04-20 09:49